Nvidia & Apple push the Nasdaq to another record close

Markets continued their drive higher with two out of the three major indices closing at new record highs ahead of new inflation data and upcoming earnings numbers later this week.

The S&P 500 closed up 0.1 per cent at a record 5,572. The Nasdaq also set a new record close finishing the day 0.28 per cent higher at 18,403. The Dow Jones bucked the broader trend closing just in the red finishing 0.08 per cent lower.

Investor focus now shifts to the June Consumer Price Index print which is due out on Thursday US time. PPI data is also due on Friday. Both price measures will be pivotal to expectations around the Fed interest rate policy.

Several big caps are also due to post results later in the week with PepsiCo and Delta Air Lines due to release earnings on Thursday. This will be followed by major banks, Citigroup and JP Morgan reporting second quarter earnings on Friday.

In other company news, Nvidia added 1.9 per cent pushing its valuation to US$3.15 trillion. Apple shares rallied 0.7 per cent to lift its market cap to US$3.49 trillion. Microsoft slipped 0. 3 per cent, leaving its market cap at $US3.47 trillion.

Eli Lilly has agreed to acquire Morphic Holding for $3.2 billion in cash, enhancing its portfolio of inflammatory bowel disease (IBD) drugs. This acquisition expands Eli Lilly's presence in the multi-billion dollar IBD market.

Turning to US sectors, the best performer was Technology which closed up 0.72 per cent. The worst performer was Communication Services which fell 1.01 per cent.

In commodity news, Fitch Solutions BMI maintains its 2024 nickel price forecast at $18,000 per tonne due to excess supply from Indonesia and China. Last year's average nickel price dropped 15.3 per cent to $21,688 per tonne, with a projected global surplus of 253,000 tonnes this year.

In European news, markets closed mostly lower following the French election which resulted in a parliamentary deadlock, though the right-wing RN ended in third place which was viewed as a positive for European unity. France’s CAC 40 slid 0.6 per cent. France’s 10-year yield slid 5 basis points to 3.16 per cent.

In local news, the Westpac July consumer confidence numbers are due at 10.30am followed by the NAB June business confidence and conditions.

Futures

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

Currency

One Australian dollar at 7.30am was buying 67.43 US cents.

Commodities

Gold lost 1.43 per cent. Silver dropped 2.45 per cent. Copper fell 0.73 per cent. Oil fell 1.00 per cent.

Figures around the globe

European markets closed lower. London’s FTSE fell 0.13 per cent, Frankfurt lost 0.02 per cent, and Paris closed 0.63 per cent lower.

Turning to Asian markets, Tokyo’s Nikkei lost 0.32 per cent, Hong Kong’s Hang Seng fell 1.55 per cent while China’s Shanghai Composite closed 0.93 per cent lower.

Yesterday, the Australian share market closed 0.76 per cent lower at 7,763.17.

Ex-dividends
Katana Capital (ASX:KAT) is paying 0.5 cents fully franked
Red Hill Minerals (ASX:RHI) is paying 150 cents fully franked

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

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