ASX down 0.09% near noon: S&P 500 hits another record

Market Reports

by Peter Milios

Australian shares saw modest declines despite gains in energy stocks, with the overall index experiencing a slight downturn. Meanwhile, the S&P 500 reached another record high, boosted by Nvidia's substantial 3.5% increase, which propelled it to become the world's most valuable publicly traded company with a market cap of $US3.4 trillion. However, other tech giants like Microsoft and Apple saw decreases, with Microsoft's market cap falling to $US3.32 trillion and Apple's to $US3.29 trillion, while non-tech stocks remained relatively stable following mixed economic reports from the US, including modest retail sales growth and better-than-expected industrial production.

At 11:30am, the S&P/ASX 200 is 0.09 per cent lower at 7,771.

The SPI futures are pointing to a fall of 9 points.

Best and worst performers

The best-performing sector is Energy, up 0.52 per cent. The worst-performing sector is Utilities, down 0.29 per cent.

The best-performing large cap is Telix Pharmaceuticals (ASX:TLX), trading 6.98 per cent higher at $18.40. It is followed by shares in Pro Medicus (ASX:PME) and Fortescue (ASX:FMG).

The worst-performing large cap is Infratil (ASX:IFT), trading 1.99 per cent lower at $10.34. It is followed by shares in Auckland International Airport (ASX:AIA) and QBE Insurance Group (ASX:QBE).

Commodities and the dollar

Gold is trading at US$2341.90 an ounce.

Iron ore is 1.4 per cent lower at US$106.15 a tonne.

One Australian dollar is buying 66.56 US cents.

Peter Milios

Peter Milios is a recent graduate from the University of Technology - majoring in Finance and Accounting. Peter is currently working under equity research analyst Di Brookman for Corporate Connect Research.

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