The S&P 500 closed at a record high of 7,799 on Thursday after soft July PPI data pushed September rate-hike odds below 34%. Cisco slumped 8.4% as its AI revenue guidance disappointed sky-high expectations, while oil snapped a six-day rally on a massive US crude inventory build. ASX futures are pointing down 37 points ahead of a data-heavy Friday.
U.S. stocks closed mostly higher overnight as July consumer inflation data came in line with expectations, prompting traders to pare Federal Reserve rate hike bets and push the odds of a September hold to 62%. The S&P 500 rose 0.3% to within striking distance of its record high, while AI infrastructure names CoreWeave and Super Micro Computer each surged 19% on blowout earnings. Oil seesawed as the U.S. and Iran continued to wrangle over the Strait of Hormuz, while gold hit a two-month high above US$4,400/oz. ASX 200 futures are pointing to a modest 24-point decline this morning, with a heavy earnings slate on deck including Telstra, IAG, Origin Energy and Transurban.
Wall Street retreated on Tuesday as Hormuz uncertainty lingered and traders braced for key US CPI data, with the S&P 500 falling 0.3% while Brent crude rose to $89.20. Super Micro’s blockbuster after-hours guidance and a strong earnings season continue to underpin sentiment. ASX 200 futures point lower ahead of a major reporting day led by CBA.
Wall Street ended flat as a 5% oil surge on Iran’s refusal to reopen the Strait of Hormuz offset record earnings momentum. Nvidia confirmed a $500 billion AI infrastructure deal with six Wall Street giants. The RBA’s policy decision is the key domestic event today.
Wall Street pulled back from record highs on Thursday as an Iranian plan to bar U.S. vessels from the Strait of Hormuz sent oil prices surging and reignited inflation fears ahead of Friday’s closely watched jobs report. The S&P 500 shed 0.2% while the Dow dropped 0.9%, with Treasury yields climbing on hawkish Fed expectations. Memory chipmakers Sandisk and Western Digital tumbled despite beating earnings estimates, dragging Asian chip stocks lower. ASX 200 futures point to a modestly lower open.
Global markets diverged overnight as the Dow Jones Industrial Average surged to a fresh record close above 54,300, powered by defensive and value names, while the Nasdaq tumbled 0.8% on a sharp rotation out of mega-cap technology stocks. Alphabet fell 4% after AI chief Jeff Dean announced his departure, AMD dropped 7% on disappointing data-centre guidance, and SpaceX slid 14% ahead of Thursday’s employee share lockup expiry. Gold rocketed 4.2% to a record US$4,248 per ounce as the US dollar hit a seven-week low, reinforcing the haven bid amid geopolitical uncertainty over Iran’s Hormuz Strait and a coordinated cyber attack on four of the world’s largest hedge funds. Oil edged lower on hopes of a shipping deal in the strait, while Minneapolis Fed President Kashkari rattled markets by suggesting rate hikes — not cuts — may be needed, even as ADP payrolls came in at just 44,000 versus 68,000 expected. The ASX faces a flat open with SPI futures down 9 points to 9,143, as investors digest AMP’s $150 million buyback announcement against REA Group’s 22% profit decline ahead of Thursday’s labour force data and next week’s RBA decision.
Wall Street roared back to record territory overnight as twin tailwinds — hopes for an imminent US-Iran deal to reopen the Strait of Hormuz and a wave of blockbuster earnings from Palantir, Caterpillar, and Big Tech — drove the S&P 500 up 1.8% to its first record close since June 2. Oil plunged nearly 6% on the diplomatic optimism, while Treasury yields fell and gold firmed. After the bell, SpaceX beat revenue estimates in its first post-IPO quarter but fell on heavy AI spending, and AMD’s strong guidance couldn’t prevent profit-taking after a 142% YTD run. ASX futures are pointing to a 41-point gain this morning.
Wall Street rallied to kick off August — Dow hit a record, Nasdaq surged 2.1% on tech strength, oil plunged 5% on Iran peace hopes (though Hormuz remains shut), Japan spent ~$100B defending the yen in two days, and Palantir/Amazon headlined a strong earnings stretch.
