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Energy leads Wall Street higher

ASR Team

Self-directed investors have relied on Australian Stock Report for over 20 years to provide them with comments on the Australian stock market and useful insights. We provide Australian investors with market news and research to make decisions that would help manage their savings, build a sustainable income, and potentially achieve capital growth.

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Image Source: Adobe Stock

 

Morning Research Notes - 03.10.24

 

Wall Street notched gains on Wednesday, with strong performances in the Energy, Technology, and Telecoms sectors leading the market higher. Commodities showed mixed performance. Spot gold fell by 0.6% to US$2,648.39 per ounce, while Brent crude increased by 0.5% to $73.91 per barrel. In contrast, iron ore rose by 0.8% to $108.95 per tonne.

U.S. stocks closed higher on Wednesday, driven by gains in the Oil & Gas, Technology, and Telecoms sectors. The Dow Jones Industrial Average rose 0.09%, the S&P 500 gained 0.01%, and the NASDAQ Composite climbed 0.08%. Top performers included Salesforce Inc, UnitedHealth Group, and American Express, while Nike, Merck, and Intel were the worst performers on the Dow. On the S&P 500, Caesars Entertainment, Super Micro Computer, and Salesforce led gains, with Humana, Conagra Brands, and Nike lagging.

The Australian markets closed on a bearish note on Tuesday, with the ASX200 declining by 0.13%. Major indices showed mixed performance: Materials and Utilities ended in the green, gaining 0.49% and 0.97%, respectively. Conversely, Financials, Information Technology, and Health Care experienced losses of 0.01%, 1.58%, and 0.29%, respectively. Commodities continued their bullish trend, with Aluminium remaining unchanged, while Copper, Zinc, and Nickel posted gains of 1.45%, 0.76%, and 2.37%, respectively.

 

Chart of the day

 

September was an exceptional month for Australian shares, with the All Ordinaries Total Return Index (XAOA) rising by 3.45%, significantly outperforming the historical average September return of -0.11%. This performance defied the usual seasonal trend, which often sees September as a down month for Aussie shares. Seasonal analysis, while useful, is not foolproof, as demonstrated by this year’s results. Looking ahead to October, historical data suggests it is typically a positive month for Australian shares, with an average return of +0.12% since 1982. Excluding major outliers like the 1987 and 2008 crashes, October’s average return improves to +1.8%, making it one of the better months for investors

 

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Source: Livewire


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