fresh record highs on a Columbus Day affected session, as investors bought into technology stocks ahead of a busy week packed with corporate earnings and crucial economic data.
Mining stocks have driven a late rally on the ASX, pushing the index closer to its record high set last month. In late afternoon trading, the S&P/ASX 200 was up 44.3 points, or 0.5%, at 8240, nearing its previous high of 8269.85 from September 30. Mining shares led the way, rising 1.5% after being flat for much of the session.
The S&P 500 and the Dow scored record closing highs on Friday, with the big boosts from financial stocks after banks reported strong quarterly results while the latest inflation data fuelled expectations for a U.S. Federal Reserve rate cut in November.
A wrap of the week in markets from the boys at MPC Markets.
We cover stocks, politics, opportunities on the ASX and geopolitics
Australian shares dipped at midday, mirroring a weaker U.S. session as September inflation exceeded forecasts, and weekly jobless claims hit a 12-month high. The S&P/ASX 200 Index fell 0.2% or 14.4 points to 8208.6, with losses in seven out of 11 sectors.
Stocks fell Thursday as stronger-than-expected inflation data muddied the outlook for Federal Reserve rate cuts, Hurricane Milton hit landfall in Florida and Israel launched an attack on Beirut
Australian shares were set to close at a new record high, following gains on Wall Street, with miners and energy stocks leading the rise amid expectations of further policy easing in the U.S. and China.
The S&P/ASX 200 climbed 0.4% or 28.8 points to 8216.2, approaching its September 30 peak of 8269.8. Iron ore prices rose 1.5% in Singapore, lifting materials stocks, while anticipation of fresh Chinese stimulus supported sentiment.
Stocks ground to fresh records as investors continued to digest clues on interest rates from the Federal Reserve, a day ahead of fresh inflation data and Tesla robotaxi event.
Australian shares edged higher on Wednesday afternoon, as gains in consumer discretionary and utilities stocks outweighed weaker performance in the commodities sector. The S&P/ASX 200 Index rose 0.1%, or 5 points, to 8181.9 by early afternoon, supported by eight of the 11 sectors. A Wall Street rally, driven by a 4.1% gain in Nvidia, also lifted market sentiment.
The US market was led higher by tech, particularly Nvidia, despite a rout in Chinese stocks, with Chinese tech index having their worst day in history
Overnight – Treasury yields spike, putting stocks on the back foot A jump in long term Treasury yields overnight
The Australian sharemarket faced a volatile session, weighed down by a sell-off in mining stocks and declining iron ore prices, as investors were left disappointed by the lack of further stimulus from China. The benchmark S&P/ASX 200 index fell 21.1 points, or 0.3%, to 8,184.3, after a brief rally on hopes that Beijing would announce a public spending package.
