Markets drift sideways ahead of key inflation data

Equity markets hovered around flat most of the day as investors stayed on the sidelines ahead of key inflation data due out on Friday.

The S&P 500 managed to tip into the green closing 0.16 per cent higher. The Dow Jones also managed a positive close finishing 0.04 per cent higher. The tech heavy Nasdaq was the best performing major index closing 0.49 per cent higher

In company news, Amazon surged 3.9 per cent hitting a new all-time high pushing the Mega cap above $2 trillion in market value for the first time. Amazon now joins Nvidia, Apple, Alphabet and Microsoft in reaching the key milestone.

Outside of the Mega cap tech names, FedEx surged 15.5 per cent after delivering above consensus fourth-quarter results. Rivian Automotive popped 23.2 per cent after Volkswagen Group said it would invest up to $5 billion in the electric vehicle company.

In after market news, Micron Technology was trading 6 per cent lower after reporting results and giving lower than expected guidance for Fiscal fourth-quarter sales.

In a boost for the financial sector, the Federal Reserve announced that all 31 US banks passed the bank’s annual stress test and commented that “they are well positioned to weather a severe recession and stay above minimum capital requirements”.

On the macro front investors now look to key inflation data due out on Friday with the release of May’s personal consumption expenditures price index. The Fed watches this measure closely and the market is eager to see prices continuing to moderate which would raise the likelihood of a cut in interest rates later this calendar year..

Turning to US sectors, the best performing sector was Consumer Discretionary which closed up 1.98 per cent. The worst performing sector was Energy which closed down 0.86 per cent.

In local news MI inflation expectations for June are due out at 11am AEST and Second quarter job vacancies at 11.30am AEST. RBA deputy governor, Andrew Hauser, is due to give a speech at the A50 Australian Economic Forum in Sydney at 7.30pm AEST. Across the Tasman NZ June consumer confidence numbers are due out at 8am and business confidence at 11am AEST.

Futures

The SPI futures are pointing to a 1.1 per cent fall.

Currency

One Australian dollar at 7.25am was buying 66.49 US cents.

Commodities

Gold has lost 0.76 per cent. Silver has added 0.22 per cent. Copper has lost 0.09 per cent. Oil has added 0.09 per cent.

Figures around the globe

European markets closed lower. London’s FTSE fell 0.27 per cent, Frankfurt lost 0.12 per cent, and Paris closed 0.69 per cent lower.

Turning to Asian markets, Tokyo’s Nikkei added 1.26 per cent, Hong Kong’s Hang Seng was up 0.09 per cent while China’s Shanghai Composite closed 0.76 per cent higher.

Yesterday, the Australian share market closed 0.71 per cent lower at 7,783.01.

Ex-dividends
Australian Unity Off (ASX:AOF) is paying 9.7 cents unfranked
APA Group (ASX:APA) is paying 29.5 cents unfranked
Aspen Group (ASX:APZ) is paying 4.25 cents unfranked
Arena REIT. (ASX:ARF) is paying 4.35 cents unfranked
BWP Trust (ASX:BWP) is paying 9.27 cents unfranked
Carindale Property (ASX:CDP) is paying 13.551 cents unfranked
Charter Hall Group (ASX:CHC) is paying 23 cents 90 per cent franked
Centuria I REIT (ASX:CIP) is paying 4 cents unfranked
Charter Hall Long WALE REIT (ASX:CLW) is paying 6.5 cents unfranked
Cromwell Property Group (ASX:CMW) is paying 0.75 cents unfranked
Centuria Capital (ASX:CNI) is paying 5 8
Centuria Office REIT (ASX:COF) is paying 3 cents unfranked
Charter Hall Social Infrastructure REIT (ASX:CQE) is paying 4 cents unfranked
Dexus Convenience Retail REIT (ASX:DXC) is paying 5.335 cents unfranked
Dexus Industria REIT (ASX:DXI) is paying 4.1 cents unfranked
Dexus (ASX:DXS) is paying 21.3 cents unfranked
Elanor Commercial Property Fund I (ASX:ECF) is paying 2.125 cents unfranked
Eildon Capital Group (ASX:EDC) is paying 4 cents unfranked
Elanor Investors Group (ASX:ENN) is paying 2.5 cents unfranked
Fat Prophets (ASX:FPP) is paying 3 cents unfranked
Gryphon Capital (ASX:GCI) is paying 1.39 cents unfranked
Garda Prpty Group (ASX:GDF) is paying 1.575 cents unfranked
GDI Property Group (ASX:GDI) is paying 2.5 cents unfranked
Goodman Group (ASX:GMG) is paying 15 cents unfranked
Growthpoint Property (ASX:GOZ) is paying 9.65 cents unfranked
GPT Group (ASX:GPT) is paying 12 cents unfranked
Healthco Healthcare and Wellness REIT (ASX:HCW) is paying 2 cents unfranked
Homeco Daily Needs (ASX:HDN) is paying 2.075 cents unfranked
Hotel Property (ASX:HPI) is paying 9.5 cents unfranked
Kkr Credit Income Fund (ASX:KKC) is paying 1.67 cents unfranked
Liberty Fin Group (ASX:LFG) is paying 13 cents unfranked
Mirvac Group (ASX:MGR) is paying 6 cents unfranked
National Storage (ASX:NSR) is paying 5.5 cents unfranked
Perpetual Credit Trust (ASX:PCI) is paying 1.4079 cents unfranked
Reef Casino Trust (ASX:RCT) is paying 8.24 cents unfranked
Rural Funds Group (ASX:RFF) is paying 2.9325 cents unfranked
Region Group (ASX:RGN) is paying 7 cents unfranked
Stockland (ASX:SGP) is paying 16.6 cents unfranked
360 Capital Mortgage (ASX:TCF) is paying 6.5 cents unfranked
Transurban Group (ASX:TCL) is paying 32 cents 0.23 per cent franked
360 Capital Group (ASX:TGP) is paying 1.5 cents unfranked
360 Capital REIT (ASX:TOT) is paying 0.75 cents unfranked
Virgin Money Uk PLC (ASX:VUK) is paying 3.8506 cents unfranked
Waypoint REIT (ASX:WPR) is paying 4.12 cents unfranked

Dividends payable
Tower Ltd (ASX:TWR)
GQG Partners Inc (ASX:GQG)
Newmont Corp (ASX:NEM)

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

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