Markets

The Nasdaq Composite closed lower on Thursday for a fifth consecutive losing session — its longest losing streak since October 2022.

Sources: Bloomberg, FactSet, IRESS, TradingView, UBS, Bourse Data, Trading Economics, CoinMarketCap.

Sources: Bloomberg, FactSet, IRESS, TradingView, UBS, Bourse Data, Trading Economics, CoinMarketCap.

The S&P 500 finished marginally higher Thursday, closing in on a new all-time high in the penultimate trading day or what’s been a strong year for stocks.

Stocks finished higher Wednesday as traders kept an eye on the S&P 500's march toward record levels.

Stocks rose to start the last week of the year, pushing the S&P 500 closer to record levels.

Stocks had a strong rebound on Thursday, as the S&P 500 recovered from its worst day since September, reigniting the year-end rally. The Dow Jones Industrial Average saw a significant gain of 322.35 points, equivalent to 0.87%, closing at 37,404.35. Simultaneously, the Nasdaq Composite surged by 1.26% to reach 14,963.87.

Australian stocks pulled back from their highest levels in ten months, echoing a pause in the upward momentum seen on Wall Street. Notably, the technology and consumer discretionary sectors experienced the most significant declines.

At noon, the S&P/ASX 200 is 0.33 per cent lower at 7,512.80, tracking a sudden decline occurred on Wall Street, with traders cashing in on their gains following a significant surge in stock prices that had driven the major indices to all-time highs.

On Wednesday, the Australian stock market made gradual progress towards a potential all-time high, mirroring the upward momentum seen on Wall Street. This movement was driven by investors adjusting their positions in anticipation of the US Federal Reserve initiating interest rate cuts in the coming year.

The Australian stock market is steadily approaching a historic peak, mirroring the surge on Wall Street, as investors increasingly prepare for the possibility of the US Federal Reserve commencing interest rate reductions in the upcoming year.

Australian shares posted solid gains driven by increased merger and acquisition activity in the resources sector and a surge in oil prices due to concerns about supply disruptions in the Red Sea.

Oil prices surged 2% due to increased attacks by Iranian-backed Houthi militants on vessels in the Red Sea, causing concerns about potential supply disruptions.

Oil prices increased after experiencing their first weekly gain since late October due to major shipping lines suspending transit through the Red Sea, which highlighted the potential risk to the crucial artery for global crude trade.

Overnight, the Dow Jones Index reached a new record high, closing at 37,248 points with a 0.4% gain, while the Nasdaq Index increased by 0.2%, and the Russell 2000 small-cap index continued its recent rally, surging by 2.6%.

In November, Australian employment grew by 61,500 jobs, causing the unemployment rate to rise slightly to 3.9% from the previous month's 3.8%.

Australia's sharemarket experienced mixed performance as healthcare and iron ore stocks rose while the energy sector declined due to a 3.5% drop in benchmark oil prices.

Wall Street closed at a 52-week high as traders celebrated a decrease in core US inflation to 4 percent year-on-year in November, excluding food and energy prices.

The Australian sharemarket gained 0.5% as interest rate sensitive stocks rose ahead of the release of US inflation data.

Reserve Bank governor Michele Bullock dismissed the notion that Australia lags behind in addressing inflation concerns, emphasising their efforts to slow the economy and bring inflation within the target range.

The Australian sharemarket saw minimal gains as metals and oil stocks fluctuated throughout the day, with the S&P/ASX 200 closing just 4.1 points higher at 7199. Mining stocks, particularly gold miners, suffered a 0.6% decline due to a drop in the price of gold, influenced by strong US jobs data.

Australia's stock market saw an increase in midday trading driven by several merger and acquisition deals and a rise in energy sector stocks.

Utilities weighed down the sharemarket, countering a strong Wall Street session driven by a tech rally shortly after Friday's trading began. Among the benchmark's 11 sectors, only miners and energy showed gains, while communications, financials, and discretionary sectors experienced significant declines.

The ASX experienced a relatively calm trading session, with the exception of a sharp decline in energy stocks following a significant drop in oil prices, including a 4.1% decrease in US oil, bringing it below $70 per barrel and marking a 5-month low.

Energy stocks on the ASX are down over 2% as a result of a 4.1% drop in US oil prices, which fell below $70 per barrel, despite a 4.63 million barrel decrease in US crude stockpiles. Brent also slid more than 3.5% to below $75 per barrel.

On Wednesday, the Australian sharemarket experienced its largest one-day rally in over a year, with the benchmark S&P/ASX 200 index surging 1.7% to 7178.4 points, driven by increased speculation of an interest rate cut by the Reserve Bank.

Australia's GDP growth in the third quarter was 0.2%, falling short of the market consensus of 0.4%, with a year-on-year expansion of 2.1%, in line with the previous quarter and exceeding forecasts.