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Morning Research Notes - 21.11.24
US markets ended Wednesday with mixed results as the Dow Jones rose slightly, while the S&P 500 and Nasdaq saw minor declines, reflecting investor caution ahead of Nvidia’s earnings. Major commodities had a mixed day: spot gold rose 0.6% to $US2,648.5 per ounce, iron ore declined by 0.2% to $US101.1 per tonne and Brent (crude) lost 0.5% to $US73.0 per barrel.
Wall Street had a mixed close on Wednesday, with the Dow Jones Industrial Average rising 139 points (0.3%) while the S&P 500 and Nasdaq fell slightly by 0.01% and 0.1%, respectively. The market showed caution ahead of Nvidia’s earnings report, seen as a key indicator of AI demand. Despite a slump in Target’s stock, technology stocks remained broadly positive, anticipating strong results from Nvidia. Netflix bucked the trend with a boost from a highly viewed boxing event. Meanwhile, Fed officials continued to signal a cautious approach to future rate cuts.
The Australian stock market closed lower yesterday, with the ASX 200 falling by 0.57%. Major sectors also experienced declines, with Materials, Financials, and Information Technology falling by 0.4%, 0.39%, and 0.82% respectively. However, Healthcare and Consumer Staples closed in the green, gaining 0.27% and 0.19%. Commodities had a bullish run on Wednesday, with Aluminium (0.80%), Copper (0.68%), Zinc (0.58%), and Nickel (2.22%) all witnessing gains.
Chart of the day
With Trump back in the spotlight, the threat of tariffs on China looms large, causing concern in resource markets and a drop in metal prices. While tariffs could drive up import costs and inflation in the U.S., Trump aims to counter this by boosting domestic energy production. However, developing new oil and gas supplies is a lengthy process, unlikely to yield quick results, leaving the U.S. economy in a precarious position regarding inflation and energy supply.
Source: Livewire
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