News
Nasdaq achieves fifth consecutive record close
Markets trade mixed, with eight of the eleven sectors in the broader index falling into negative territory.
The tech-heavy Nasdaq index set another record close, finishing 0.12 percent higher at 17,688.88. The S&P 500 fell into the red, closing down 0.04% to close at 5,431.60. The Dow Jones fell 0.15% on the day.
Encouraging inflation data during the week saw the S&P 500 and Nasdaq end the week up 1.6% and 3.2%, respectively.
Regarding economic data, the University of Michigan Consumer Survey pointed to the deterioration of consumer sentiment, as it fell to 65.6 in June, against 69.1 in May. Consensus expectations were for a reading closer to 71.5.
With regard to US sectors, the worst performance was industrial, which closed down 1.03%. The sector with the best performance was Communications, which closed with an increase of 0.56 percent.
In corporate news, software giant Adobe jumped 14.5% on Friday after reporting 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.
As far as domestic markets are concerned, all eyes will be 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 easing sustainably.
RBA governor Michele Bullock is expected to reiterate that the board is “not ruling out anything inside or outside” monetary policy, meaning rates could go up or down after inflation unexpectedly rose to 3.6 % in April.
Futures
SPI futures point to a drop of 0.2%.
Coin
One Australian dollar at 7:35 am was buying 66.13 US cents.
goods
Gold gained 1.34 percent. Silver added 1.40 percent. Copper fell 0.11 percent. Oil lost 0.22 percent.
Figures around the globe
European markets closed lower. London’s FTSE fell 0.21 percent, Frankfurt lost 1.44 percent and Paris closed 2.66 percent lower.
Turning to Asian markets, Tokyo’s Nikkei rose 0.24 percent, Hong Kong’s Hang Seng fell 0.94 percent, while China’s Shanghai Composite closed up 0.12 percent.
On Friday, the Australian share market closed down 0.33% at 7,724.26.
Dividends payable
EZZ Life Science Holdings Ltd (ASX:EZZ)
Sources: Bloomberg, FactSet, IRESS, TradingView, UBS, Bourse Data, Trading Economics, CoinMarketCap.
Disclaimer
The views, opinions or recommendations of commentators on 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 representations or warranties regarding the accuracy, completeness or timeliness of the content. Any published prices are accurate, subject to the timing of filming and should not be relied upon in making a financial decision. Commentators may hold positions in the stocks mentioned, and sometimes companies may pay FNN to produce content. 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 through negligence.