What's Affecting Markets Today
Nasdaq lower for fifth straight day
The Nasdaq Composite extended its decline on Thursday, marking a fifth consecutive session of losses, the longest since October 2022. Closing at 14,510.30, the tech-heavy index dropped 0.56%, with a nearly 4% loss since December 27. The S&P 500 also slid 0.34%, recording a fourth consecutive day of declines, finishing at 4,688.68. In contrast, the Dow Jones Industrial Average managed a marginal gain of 0.03%, closing at 37,440.34. Mega-cap tech stocks, notably Apple, faced underperformance amid concerns about stretched valuations and uncertainty surrounding Federal Reserve rate cuts. Apple stock declined over 5% this week, exacerbated by recent downgrades.
December Payrolls out tonight
The December jobs report hits later tonight, with markets looking for a 170,000 increase in nonfarm payrolls and an unemployment rate of 3.8%. Traders think the acceptable range is really something like 100,000-250,000.
ASX Stocks
ASX 200 - 7,500.2 (0.1%)
Key Highlights:
Australian shares are holding steady near midday, supported by gains in banks and insurers, with anticipation surrounding a crucial US labor force report later tonight. The S&P/ASX 200 is marginally up by 0.1% at 7502 points, while the All Ordinaries remains flat. Despite this, the benchmark is poised to conclude its first week of 2024 with a 1% decline, marking its weakest initial week performance since 2021. Financial stocks lead the positive momentum, rising by 0.5%, propelled by a 1.1% surge in Commonwealth Bank shares. As oil and iron ore prices dip, gold prices rise.
In stock movements, Core Lithium faces a 9.6% decline as it halts mining amid falling battery metal prices, while Telix Pharmaceuticals explores a potential listing on the US-based Nasdaq exchange, resulting in a 1.1% increase to $9.63.
Leaders
AAC Australian Agricultural Company Ltd 4.61%
JDO Judo Capital Holdings Ltd 2.55%
SMR Stanmore Resources Ltd 2.49%
RFF Rural Funds Group 2.48%
MFG Magellan Financial Group Ltd 2.45%
Laggards
SGM Sims Ltd -3.44%
SFR Sandfire Resources Ltd -2.76%
SIG Sigma Healthcare Ltd -2.65%
WTC Wisetech Global Ltd -2.61%
CTT Cettire Ltd -2.55%