Australia's largest stock trading and investment forum Australia's #1 stock forum

trying to buy MSB at lower price

First 31 Last

Share
Profile

Follow
slips

10,775 Posts.

33

08/03/24

09:57

Post #: 72808004
Share
Originally posted by highlandlad: ↑

Morning traders. Thanks loungers, especially @Ravgnome.

Outlook for the day: Positive. The ASX 200 looks set to follow the S&P 500 and Nasdaq to a fresh high after the Federal Reserve indicates rate cuts are "not far" off.

ASX futures: up 45 points or 0.58%

Overnight themes:
US stocks surge after the head of the US central bank says policymakers are "not far" from having the confidence to cut official interest rates.
The S&P 500 and Nasdaq Composite close at records as the "Magnificent 7" group of market leaders all advance. The Dow trails as growth stocks outperform blue chips.
The odds on a June rate cut climb after Federal Reserve Chair Jerome Powell tells the Senate Banking Committee: "We are waiting to become more confident that inflation is moving sustainably down to 2%. When we do get that confidence, and we’re not far from it, it will be appropriate to begin to dial back the level of restriction so that we don’t drive the economy into recession,” he says.
Powell's testimony overshadows less-positive comments from another Fed policy-maker. Fed Governor Michelle Bowman says inflation is not yet at the point where the central bank can lower rates. She says further hike are possible if progress on inflation stalls or reverses.
Chip-makers continue to shine as investors bet on Artificial Intelligence. Market-leader Nvidia puts on 4.47%. The Philadelphia Semiconductor Index advances 3.36% to a new high.
The number of Americans lodging first-time claims for unemployment benefits holds steady at 217,000 last week as labour pressures continue to ease. February employment figures drop tonight.
"The market's... responding well to the employment data we've had so far this week. It adds to the narrative that we're starting to see employment slow but still solid" - Anthony Saglimbene, chief market strategist at Ameriprise Financial (per Reuters).
Growth and mining stocks outperform. The pick of the S&P sectors are tech +1.89%, communication services +1.83% and materials +1.22%. The night's only drags are financials -0.15% and real estate -0.05%.
Iron ore rallies after China's central bank chief foreshadows further stimulus measures to support the economy. The governor of the People's Bank of China says there is room to cut bank reserve ratios. Analysts at Goldman Sachs predict at least two cuts this year. China-traded ore gains 1.83%.
Gold extends its push into record territory, fuelled by a combination of central bank buying, momentum trading, the search for safe havens and bets that US rate cuts will come within months. The yellow metal advances 0.32% to US$2,165.20 an ounce.

Key events today:
US February employment report - tonight

S&P 500: up 53 points or 1.03%

Dow: up 130 points or 0.34%

Nasdaq: up 242 points or 1.51%

Dollar: up 0.83% to 66.19 US cents

Iron ore (Dalian): up 1.83% to US$123.73

Brent crude: steady at US$82.96

Gold: up US$7 or 0.32% to US$2,165.20

NYSE Arca Gold Bugs: up 1.41%

Bitcoin: up 1.02% to US$67,821

Copper (LME): up 0.75% to US$8,641.50

Nickel (LME): up 1.73% to US$17,890

Uranium (spot price): up 0.22% to US$94

Lithium carbonate (China spot): up 0.93% to US$15,060

Global X Lithium & Battery Tech ETF: up 0.27%

BHP: up 1.23% (US); up 1.34% (UK)

Rio Tinto: up 2.26% (US); up 2.14% (UK)

Expand

trying to buy MSB at lower price
Upvote

Reply

Top Stories

SBW

Shekel Brainweigh CEO Nir Leshem weighs in on AI adoption ahead of FY25

With financials holding the fort, materials must step up with some heavy lifting to stimulate stocks

Plagues precede widespread power shifts. We’re living in one – and minerals are at the fore

RDN

If you thought lithium was dead, think again. The Pilbara will be central to the next upswing

FHE

Frontier Energy achieves key milestone for Waroona energy project

There are more pages in this discussion • 3 more messages in this thread...

First 31 Last

SPONSORED BY