AI & Tech names push US markets to new record close

22Mar

AI & Tech names push US markets to new record close

 

Continued interest in AI and the big tech stocks provided the momentum to push the three main indexes to new record closes.

The S&P 500 closed up 0.3 per cent and the Nasdaq closed up 0.2 per cent. The Dow Jones was the best performing index closing up 0.7 per cent.

Turning to US sectors, Industrials and Financials were the best performers closing up 1 per cent & 0.85 per cent respectively. The worst performing sector was Utilities closing down 0.2 per cent.

In company news Micron Technology shares rose 16 per cent after reporting strong earnings numbers. The Micron results buoyed the remaining semiconductor sector with Nvidia and Intel adding more than 1 per cent. Taiwan Semiconductor rose 2.5 per cent and Broadcom popped 6 per cent higher.

In the big tech space Meta, Microsoft and Amazon all rallied close to 1 per cent.

The only big tech name to fall on the day was Apple, closing down 4 per cent on news that the US Justice Department has filed an antitrust lawsuit against the company. Apple is being accused of violating antitrust laws by blocking rivals from accessing hardware and software features on its devices.

In IPO news, social media company Reddit traded more than 40 per cent above its IPO price on the first day of trading.

FedEx and Nike are expected to report their results after market close.

European markets closed at new highs after rates decisions from the Bank of England & Swiss National Bank, with the BoE leaving rates unchanged and the SNB cutting rates by 25 basis points and stating that inflation was now under control. The European Stoxx 600 index set a new record closing up close to 1 per cent at 509.77 points. Virtually all sectors finished in positive territory. 

Futures

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

Currency

One Australian dollar at 7.30am was buying 65.71 US cents.

Commodities

Gold gained 1.07 per cent. Silver lost 0.67 per cent. Copper rose 0.30 per cent. Oil lost 0.37 per cent.

Figures around the globe

European markets closed higher. London’s FTSE gained 1.88 per cent, Frankfurt added 0.91 per cent, and Paris closed 0.22 per cent higher.

Turning to Asian markets, Tokyo’s Nikkei gained 2.03 per cent, Hong Kong’s Hang Seng added 1.93 per cent and China’s Shanghai Composite lost 0.08 per cent..

Yesterday, the Australian share market closed 1.12 per cent higher at 7,781.97

Ex-dividends
Vita Life Sciences (ASX:VLS) is paying 6 cents fully franked

Dividends payable
AGL Energy Ltd (ASX:AGL)
ARN Media Ltd (ASX:A1N)
Atlas Pearls Ltd (ASX:ATP)
Auswide Bank Ltd (ASX:ABA)
BSP Financial Group Ltd (ASX:BFL)
Capral Ltd (ASX:CAA)
ClearView Wealth Ltd (ASX:CVW)
Ebos Group Ltd (ASX:EBO)
Globe International Ltd (ASX:GLB)
Helia Group Ltd (ASX:HLI)
Helloworld Travel Ltd (ASX:HLO)
IPH Ltd (ASX:IPH)
McMillan Shakespeare Ltd (ASX:MMS)
McPherson's Ltd (ASX:MCP)
Michael Hill International Ltd (ASX:MHJ)
MyState Ltd (ASX:MYS)
Pinnacle Investment Management Group Ltd (ASX:PNI)
Platinum Asset Management Ltd (ASX:PTM)
Pro Medicus Ltd (ASX:PME)
PWR Holdings Ltd (ASX:PWH)
Shine Justice Ltd (ASX:SHJ)
Sky Network Television Ltd (ASX:SKT)
Summerset Group Holdings Ltd (ASX:SNZ)
Viva Energy Group Ltd (ASX:VEA)

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

Disclaimer

The views, opinions or recommendations of the commentators in 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 representation or warranty with respect to the accuracy, completeness or currency of the content. Any prices published are accurate subject to the time of filming and shouldn’t be relied upon to make a financial decision. Commentators may hold positions in stocks mentioned and companies may pay FNN to produce the content at times. The 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 by way of negligence.
Copyright 2024 – Finance News Network


Source: Finance News Network

Share this post

Related Posts

07Jul

Wall St rally takes a breather, Why Oil Search is a buy: ASX to edge lower

07 Jul 2021 - In this report, I cover Wall St's mixed performance, why Energy got a hit after OPEC's feud. UK fiscal's watchdog barks as FTSE fell, wrap-up of the local bourse following the RBA's taper though kept rates steady. Two companies set to debut on the ASX today.

Read More
01May

Wall Street sell off: Aus shares to open lower

01 May 2020 - Following weak leads from US markets, the Australian share market looks set to open lower. US consumer spending plunged by a record 7.5 per cent in March and another 3.8 million Americans filed for unemployment benefits last week. This news sparked a sell off on Wall Street. Medical diagnostic company, Sonic Healthcare (ASX:SHL) has secured a contract with the Australian Government for the provision of a dedicated pathology service. Packaging solution provider, Orora (ASX:ORA) has...

Read More
21Aug

Dow records worst weekly performance since March

21 Aug 2023 - Stocks closed Friday's session with weekly losses, as Wall Street's August struggles continue.

Read More
24Oct

Wall Street rallied towards the close of trade: ASX poised to open higher

23 Oct 2019 - The ASX looks set to lift at the open. On Wall Street all three major benchmarks had a slight rally towards the end of trade closing higher. Microsoft beat expectations on their earnings and revenue but the stock barely changed. Apple and Boeing shares made gains yesterday. Apple rose 1.1 per cent, it’s felt its new video streaming service will boost revenue. On the commodities front, oil has gained and gold added almost $7.00.

Read More
28Feb

ASX worst fall in almost 4.5 years: Aus shares 2.8% lower at noon

28 Feb 2020 - The Australian share market plunged at the open this morning, as the global selloff continues, and is now tracking 2.8 per cent lower at noon. Horizon Oil (ASX:HZN) CEO terminated.

Read More
24Jun

Many employees content to stay working from home: ASX set to rise at the open

24 Jun 2020 - Following a rise from US markets for a second day, the ASX looks set to open higher this morning. The US business reopening plans are in disarray as Covid-19 is detected in hotspots such as Texas, Florida, Arizona and California. Back home, a new survey has shown how coronavirus has changed our attitudes to work. Up to 60% of respondents want to split their working time between home and office. The AUD rose again against...

Read More
15Sep

US markets rise as EV battery integration grows rapidly under the Biden Administration

15 Sep 2022 - US equities were mostly higher in fairly choppy Wednesday trading. In the US the pace of EV battery integration is growing rapidly. Since President Biden took office, companies have invested nearly $85 billion in manufacturing of electric vehicles, batteries and EV chargers in the United States.

Read More
07Dec

US stocks choppy as data shows drop in labour costs

07 Dec 2023 - US stocks wavered on Wednesday as investors assessed data indicating falling inflation, while the jobs report loomed.

Read More
17Apr

China’s economy contracts: Aus shares close 1.3% higher

17 Apr 2020 - It has been a strong finish to the week for the Australian share market, closing 1.3 % higher today. Every sector made gains except Consumer Staples. Industrials led the day rising over 4 per cent. China released economic data which showed that its gross domestic product fell 6.8 per cent for the first quarter of 2020. Gaming major Crown Resorts (ASX:CWN) has been the recent subject of market speculation. Citi rates the stock as a...

Read More
17Sep

Positive employment data fails to save the day: Aus shares close 1.2% lower

17 Sep 2020 - The ABS released better-than-expected employment data for August just before Midday. The market continued to fall in the afternoon session. Heavyweights Commonwealth Bank, CSL and the major miners were most responsible.

Read More