US market rally continues to cool as Easter looms

US markets fell off in afternoon trading to finish in negative territory for the 3rd trading day in a row. Trading volumes remained light ahead of a short trading week and Easter break.

The S&P 500 finished the day down 0.28 per cent. The Nasdaq lost 0.42 per cent and the Dow Jones was virtually flat on the day closing down 0.08 per cent. All three major indexes are on track to deliver a fifth consecutive positive monthly performance

Turning to US sectors, Utilities and Energy were the worst performers closing down 1.1 per cent & 0.76 per cent respectively. The best performing sector was Healthcare which closed up 0.34 per cent.

US economic data released on Tuesday gave mixed messages, with numbers pointing to better than expected orders for durable goods, but a softer print for consumer confidence.

In company specific news Tesla bounced back around 3 per cent overnight on news the company is pushing its Full Self-Driving technology. Donut maker Krispy Kreme closed up almost 40 per cent on news it will expand its partnership with McDonald’s.

In commodities news Wall Street giant Goldman Sachs announced it expects commodities to advance this year driven by interest rate cuts from global central banks. The banks analysts expect raw materials to see gains of about 15 per cent over 2024, citing a decline in borrowing costs, manufacturing recovery and persistent geopolitical risks. Copper, aluminum, gold, and oil products are expected to see best returns. However the bank sees the outlook for battery metals such as nickel, cobalt, and lithium carbonate as challenging.

Turning to local markets, all eyes today will be on Australia’s February CPI data due out at 11.30am local time.

Futures

The SPI futures are pointing to a 0.2 per cent fall.

Currency

One Australian dollar at 7.30am was buying 65.32 US cents.

Commodities

Gold added 0.05 per cent. Silver fell 1.35 per cent. Copper lost 0.29 per cent. Oil lost 0.60 per cent.

Figures around the globe

European markets closed higher. London’s FTSE added 0.17 per cent, Frankfurt gained 0.67 per cent, and Paris rose 0.41 per cent.

Turning to Asian markets, Tokyo’s Nikkei lost 0.04 per cent, Hong Kong’s Hang Seng gained 0.88 per cent and China’s Shanghai Composite added 0.17 per cent..

Yesterday, the Australian share market closed 0.41 per cent lower at 7,780.23.

Ex-dividends
Australian Unity Off (ASX:AOF) is paying 1.5 cents unfranked
Arena REIT (ASX:ARF) is paying 4.35 cents unfranked
Centuria I REIT (ASX:CIP) is paying 4 cents unfranked
Chtr H Lwr (ASX:CLW) is paying 6.5 cents unfranked
Cromwell Prop (ASX:CMW) is paying 0.75 cents unfranked
Centuria Office REIT (ASX:COF) is paying 3 cents unfranked
Charter Hall Soc In (ASX:CQE) is paying 4 cents unfranked
Dexus Conv Ret REIT (ASX:DXC) is paying 5.275 cents unfranked
Dexus Industria REIT (ASX:DXI) is paying 4.1 cents unfranked
Elanor Comm Prop (ASX:ECF) is paying 2.125 cents unfranked
Fonterra Share Fund (ASX:FSF) is paying 11.8001 cents unfranked
Gryphon Capital (ASX:GCI) is paying 1.42 cents unfranked
Garda Prpty Group (ASX:GDF) is paying 1.575 cents unfranked
Hlthcohcwellnsreit (ASX:HCW) is paying 2 cents unfranked
Homeco Daily Needs (ASX:HDN) is paying 2.075 cents unfranked
Ipd Group (ASX:IPG) is paying 4.6 cents fully franked
Kkr Credit Inc Fund (ASX:KKC) is paying 1.67 cents unfranked
Myer Holdings Ltd (ASX:MYR) is paying 3 cents fully franked
Perpetual Cred Trust (ASX:PCI) is paying 0.6857 cents unfranked
Reece Limited (ASX:REH) is paying 8 cents fully franked
Rural Funds Group (ASX:RFF) is paying 2.9325 cents unfranked
360 Capital Mortgage (ASX:TCF) is paying 3.5 cents unfranked
360 Capital REIT (ASX:TOT) is paying 1.5 cents unfranked
Waypoint REIT (ASX:WPR) is paying 4.12 cents unfranked
Wiseway Group ltd (ASX:WWG) is paying 0.2 cents fully franked

Dividends payable
Ampol Ltd (ASX:ALD)
ASX Ltd (ASX:ASX)
Aurizon Holdings Ltd (ASX:AZJ)
Beach Energy Ltd (ASX:BPT)
Big River Industries Ltd (ASX:BRI)
Briscoe Group Ltd (ASX:BGP)
Coles Group Ltd (ASX:COL)
Domino's Pizza Enterprises Ltd (ASX:DMP)
Fortescue Ltd (ASX:FMG)
IDP Education Ltd (ASX:IEL)
IGO Ltd (ASX:IGO)
Insurance Australia Group Ltd (ASX:IAG)
LGI Ltd (ASX:LGI)
Motorcycle Holdings Ltd (ASX:MTO)
Peter Warren Automotive Holdings Ltd (ASX:PWR)
Santos Ltd (ASX:STO)
Turners Automotive Group Ltd (ASX:TRA)
Wesfarmers Ltd (ASX:WES)

Sources: Bloomberg, FactSet, IRESS, TradingView, UBS, Bourse Data, Trading Economics, CoinMarketCap.

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