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Morning Research Notes - 11.09.24
On Tuesday, the S&P 500 closed higher, driven by strong tech sector performance despite declines in energy and financial stocks. Commodities experienced mixed movements on Tuesday: Spot gold increased by 0.3% to $US2514.13 per ounce. Brent crude fell by 3.7% to $US69.18 a barrel, and iron ore decreased by 0.8% to $US91.00 a tonne.
Yesterday, the S&P 500 closed higher, gaining 0.5%, driven by strong performance in the tech sector, despite declines in energy and financials. The Nasdaq Composite rose by 0.8%, while the Dow Jones fell by 0.2%. Apple faced a setback due to a European court ruling requiring it to repay 13 billion euros in back taxes, which overshadowed the launch of the iPhone 16. Energy stocks dropped following a 4% slump in oil prices and production halts in the Gulf of Mexico caused by Tropical Storm Francine. Financial stocks also slipped, with Goldman Sachs and JPMorgan signaling a cautious outlook.
The Australian markets rebounded from a slight tumble on Monday, with the ASX 200 closing 0.3% higher on Tuesday. Most major indices also posted gains. Financials, Information Technology, Health Care, and Utilities saw increases of 0.62%, 0.57%, 0.27%, and 0.47%, respectively. However, Materials experienced a loss of 0.27%. Commodities continued their bearish streak, with Aluminium, Copper, Zinc, and Nickel recording losses of 2.11%, 0.26%, 1.20%, and 1.11%.
Chart of the day
The defence sector is becoming increasingly important in investment portfolios, yet it remains under-represented in broad benchmarks like the S&P/ASX 200. In line with global military tensions rising and technological advancements, governments are allocating more funds to defence. This sector encompasses diverse sub-industries such as aerospace, defence, and electronic equipment. For long-term investors, the defence sector can offer potential growth, given its rising necessity and relatively low correlation with economic cycles.
Source: Livewire
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