Nasdaq manages a fifth straight record close

Market Reports

by Peter Milios

Markets trade mixed with eight of eleven sectors in the broader index falling into negative territory.

The tech heavy Nasdaq set another record close finishing 0.12 per cent higher at 17,688.88. The S&P 500 just tipped into the red closing down 0.04 per cent, closing at 5,431.60. The Dow Jones fell 0.15 per cent on the day.

Encouraging inflation data during the week saw the S&P 500 and Nasdaq ending the week higher by 1.6 per cent and 3.2 per cent, respectively.

On the economic data front the University of Michigan’s Survey of Consumers pointed to deteriorating consumer sentiment as it fell to 65.6 in June versus 69.1 in May. Consensus expectations were for a reading closer to 71.5.

Turning to US sectors, the worst performer was industrials which closed 1.03 per cent lower. The best performing sector was Communications which closed up 0.56 per cent.

In company news, software giant Adobe leapt 14.5 per cent on Friday after delivering strong quarterly results that beat expectations. Declines in Caterpillar and Boeing weighed on the Dow, while Carnival and Norwegian Cruise Line were the biggest laggards in the S&P 500.

Turning to domestic markets, all eyes will be focused on Tuesday’s rate decision. The RBA is expected to keep the cash rate unchanged this week, as it looks for clearer evidence that price pressures are moving sustainably lower.

RBA governor Michele Bullock is expected to reiterate that the board “is not ruling anything in or out” on monetary policy, meaning that rates could go up or down after inflation unexpectedly picked up to 3.6 per cent in April.

The SPI futures are pointing to a 0.2 per cent fall.


One Australian dollar at 7.35am was buying 66.13 US cents.


Gold gained 1.34 per cent. Silver added 1.40 per cent. Copper fell 0.11 per cent. Oil lost 0.22 per cent.

Figures around the globe

European markets closed lower. London’s FTSE fell 0.21 per cent, Frankfurt lost 1.44 per cent, and Paris closed 2.66 per cent lower.

Turning to Asian markets, Tokyo’s Nikkei added 0.24 per cent, Hong Kong’s Hang Seng fell 0.94 per cent while China’s Shanghai Composite closed 0.12 per cent higher.

On Friday, the Australian share market closed 0.33 per cent lower at 7,724.26.

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EZZ Life Science Holdings Ltd (ASX:EZZ)

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


The views, opinions or recommendations of the commentators in this presentation are solely those of the author and do not in any way reflect the views, opinions, recommendations, of Sequoia Financial Group Limited ABN 90 091 744 884 and its related bodies corporate (“SEQ”). SEQ makes no representation or warranty with respect to the accuracy, completeness or currency of the content. Any prices published are accurate subject to the time of filming and shouldn’t be relied upon to make a financial decision. Commentators may hold positions in stocks mentioned and companies may pay FNN to produce the content at times. The content is for educational purposes only and does not constitute financial advice. Independent advice should be obtained from an Australian Financial Services Licensee before making investment decisions. To the extent permitted by law, SEQ excludes all liability for any loss or damage arising in any way including by way of negligence.

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