US stocks climbed overnight, with the S&P 500 reaching a new record following the release of encouraging U.S. economic data.
The broad market index rose 0.40 per cent to 5,745.37, achieving both an all-time high during the session and a record close, driven by gains in Micron Technology. The Nasdaq Composite added 0.60 per cent, finishing at 18,190.29, while the Dow Jones Industrial Average advanced 260.36 points, or 0.62 per cent, to close at 42,175.11.
Turning to the US sectors, most closed higher overnight. Materials was the best performer closing 1.97 per cent higher, Energy was the worst, dropping 2 per cent.
Micron saw a significant jump, closing 14.7 per cent higher after providing strong guidance for the current quarter, with its fiscal fourth-quarter results exceeding analysts’ expectations.
Other chip stocks also gained, with Applied Materials, ASML Holding, and Lam Research each up about 4%. Overall, the VanEck Semiconductor ETF (SMH) gained 2.9 per cent as well.
Overnight, crypto stocks rallied as Bitcoin surpassed $65,000. Coinbase rose 8%, its biggest gain since July 19, while MicroStrategy jumped 10%, its largest move since August 23. Mining stocks Mara Holdings and CleanSpark also gained 8%, reflecting their ties to Bitcoin.
Recent economic data helped bolster confidence, easing concerns that the Federal Reserve might resort to aggressive rate cuts due to a potential slowdown. Weekly jobless claims fell more than anticipated, suggesting stability in the labor market. Durable goods orders for August remained unchanged, countering economists' predictions for a decline, and the final reading of second-quarter GDP held steady at a robust 3 per cent.
The positive outlook across both the S&P 500 and Nasdaq Composite reflects investor confidence, especially with the strong performance of key sectors like technology. If this momentum persists, it may signal a continued phase of economic growth, further enhancing market optimism.
Futures
The SPI futures are pointing to a 0.2 per cent gain.
Currency
One Australian dollar at 7.30am was buying 68.96 US cents.
Commodities
Gold added 0.38 per cent. Silver gained 1.01 per cent. Copper jumped 3.33 per cent. Oil dropped 2.90 per cent.
Figures around the globe
European markets closed higher. London’s FTSE added 0.20 per cent, Frankfurt gained 1.69 per cent, and Paris closed 2.33 per cent higher.
Turning to Asian markets, Tokyo’s Nikkei gained 2.79 per cent, Hong Kong’s Hang Seng jumped 4.16 per cent, while China’s Shanghai Composite closed 3.61 per cent higher.
Yesterday, the Australian share market closed 0.95 per cent higher at 8204.
Dividends payable
AUB Group Ltd (ASX:AUB)
AMP Ltd (ASX:AMP)
Atlas Pearls Ltd (ASX:ATP)
Australian Clinical Labs Ltd (ASX:ACL)
Commonwealth Bank of Australia (ASX:CBA)
Contact Energy Ltd (ASX:CEN)
Credit Corp Group Ltd (ASX:CCP)
EarlyPay Ltd (ASX:EPY)
Fortescue Ltd (ASX:FMG)
Gold Road Resources Ltd (ASX:GOR)
Gtn Ltd (ASX:GTN)
Iluka Resources Ltd (ASX:ILU)
LaserBond Ltd (ASX:LBL)
McMillan Shakespeare Ltd (ASX:MMS)
Monadelphous Group Ltd (ASX:MND)
Navigator Global Investments Ltd (ASX:NGI)
Origin Energy Ltd (ASX:ORG)
Shriro Holdings Ltd (ASX:SHM)
XRF Scientific Ltd (ASX:XRF)
Sources: Bloomberg, FactSet, IRESS, TradingView, UBS, Bourse Data, Trading Economics, CoinMarketCap, Marketech.
