S&P 500 closes flat, OPEC+ opts out of meeting: ASX to rise

29Apr

S&P 500 closes flat, OPEC+ opts out of meeting: ASX to rise

 

The Australian share market is to rise following another mixed session from Wall St, as investors await earnings figures amid positive economic data. The S&P 500 closed flat ahead of heavyweight technology companies set to release figures after the bell. The Nasdaq fell for the first time in three sessions led by Tesla and Alphabet. Shares in Tesla tumbled 4.5 per cent despite the electric carmaker reporting yesterday a record climb  of 74 per cent in revenue when compared to a year ago. Meanwhile, home prices in February rose over 12 per cent, up 11.2 per cent from January recording its highest gain in 15 years as released by the S&P CoreLogic Case-Shiller. Adding to the positive economic news, consumer confidence rebounded sharply in April hitting its highest level since February 2020. Amid this, investors will keep their eyes on the US Federal Reserve policymaker’s meeting held over the next few days for any updates following the recent positive economic data. On the commodities front, oil prices rose after the OPEC+ producer group opted out on holding a full ministerial meeting scheduled on Wednesday as they stick to their existing plans to boost oil output slightly from 1 May.

Figures from around the globe

Wall Street closed mixed yesterday, The Dow Jones Industrial Average closed almost flat, up 0.01 per cent to 33,985, the S&P 500 lost 0.02 per cent to 4,187 and the NASDAQ closed 0.3 per cent lower at 14,090

European markets closed lower ahead of the US Federal Reserve meeting. London’s FTSE fell 0.3 per cent, Paris lost 0.03 per cent and Frankfurt closed 0.3 per cent lower.

Asian markets closed mixed as worries on the pandemic continues, Tokyo’s Nikkei lost 0.5 per cent, Hong Kong’s Hang Seng lost 0.04 per cent and China’s Shanghai Composite closed 0.04 per cent higher.

Taking all of this into equation, the SPI futures are pointing to a 0.2 per cent gain.

Yesterday, the Australian share market closed 0.2 per cent lower at 7,034.

Local economic news

The Australian Bureau of Statistics will be releasing three reports today. Eyes are going to be on the consumer price index report set to be released by for the March quarter. Westpac economists are forecasting a 1.0 per cent lift which will see the annual growth rate rise from 0.5 to 1.5 per cent. The weekly payroll jobs and wages report and the preliminary international trade figures for March.

In company news that broke after market close

Mobile financial services platform Raiz Invest (ASX:RZI) reports their funds under management grew by 14.6 per cent to $694.3 million with active customers increasing by 22.1 per cent for the Q3 FY21. The company’s revenue grew by 24.8 per cent. In May last year, the micro investing app company announced its offer to provide Bitcoin exposure as part of its seventh investment portfolio, Sapphire. The portfolio took 18 months to develop and has been targeted to “meet growing customer appetite for exposure to the alternative asset class of cryptocurrency”. The portfolio today has more than 40,000 customers. Shares in RAIZ Invest (ASX:RZI) closed 1.49 per cent lower at $1.66 yesterday.

In breaking news

US Google parent company Alphabet report a 34 per cent rise in revenue to $US55.31 billion when compared to the same time last year for their first quarter 2021 boosted by strong online advertising and YouTube demand. YouTube advertisements rose by 49 per cent to $US6.01 billion for the quarter. The share price rose over 4 per cent in after-hours trade. Shares in Alphabet Inc (NASDAQ: GOOGL) closed (not the after-hours trade numbers) at 0.82 per cent lower at $US2,290.98.

IPOs

Today Australasian Gold (ASX:A8G) and mining exploration company Black Canyon (ASX:BCA) are pencilled in to make their debut today on the ASX.

Currencies

One Australian Dollar at 7:55 AM was buying 77.75 US cents, 55.94 Pence Sterling, 84.51 Yen and 64.31 Euro cents.

Commodities

Iron Ore has gained 0.9 per cent to US$195.31
Iron Ore futures are pointing to 1.5 per cent loss.
Gold has lost $1.30 to US$1779 an ounce.
Silver had gained $0.20 to US$26.45 an ounce.
Oil was up $1.03 to US$62.94 a barrel.
 
Copyright 2021 – Finance News Network


Source: Finance News Network

Share this post

Related Posts

18Feb

Monadelphous Group (ASX:MND) top perfomer after results release: ASX shares tracking 0.2% lower

18 Feb 2020 - The ASX dropped at the open and is now tracking 0.2% lower at noon. Shares in Seven West Group also rose. Shares in the Monadelphous Group (ASX:MND) rose today after they released their results showing a revenue rise of $852 million, an increase of 2.6%.

Read More
06Feb

Bleak news from major tech companies not enough to spoil Nasdaq’s winning streak

06 Feb 2023 - Stocks fell on Friday due to a strong jobs report, causing some investors to worry about the Federal Reserve continuing to raise interest rates. The seemingly endless announcements of mass layoffs notwithstanding, Americans haven’t been this employed in more than fifty years. The Bureau of Labor Statistics said on Friday that the US added a whopping 517,000 jobs last month and the unemployment rate dropped slightly, to 3.4% - the lowest it’s been since 1969.

Read More
05Mar

All sectors close in the black: ASX closes 1.1% higher

05 Mar 2020 - It has been a welcome positive day of trade for the ASX which opened higher, and closed 1.1% higher. Jumbo Interactive (ASX:JIN) saw their shares fall as did Corporate Travel Management (ASX:CTD). As for the sectors today Healthcare led the day and Industrials fell lower. Alkane Resources (ASX:ALK) has announced that Export Finance Australia will support development of the Dubbo Project.

Read More
28Jul

Wall St hits all-time high, Inflation & Fed talks this week, Why Newcrest Mining is a buy: ASX to rise

26 Jul 2021 - U.S shares moved into record territory while European indexes rallied on better than expected earnings results. Tech shares took the spotlight as cyclical stocks lagged. Inflation talks is on the cards as the Fed Reserve is set to start their 2-day talk. Why Citi rates Newcrest (ASX:NCM) as a buy. Best & Less set to debut today. A review of the economic, earnings outlook for the week locally and overseas.

Read More
17Dec

Nasdaq hits record high, Dow extends longest losing streak since 2018

17 Dec 2024 - The Dow Jones Industrial Average fell for an eighth consecutive session—its longest losing streak since 2018. In contrast, the Nasdaq Composite surged to a new all-time high, driven by gains in major tech stocks.

Read More
28Jan

Coronavirus fears rattle investors: Aus shares 1.3% lower at noon

29 Jan 2020 - The local sharemarket has tumbled this morning following global bourse lower as the economic and financial impacts of the coronavirus are beginning to bite. Karoon Energy (ASX:KAR) has commenced drilling of 256m-barrel prospect.

Read More
30Aug

IT sector adds the most this week, 6%: Aus shares rise for 2nd week, this time adding 1.2%

30 Aug 2019 - Four days of straight gains and benchmark ASX200 now about 4% away from the all-time high hit late July. Australian dwellings approvals fall 9.7%, vs flat result expected. Austal Ltd (ASX:ASB) shares jump on record revenue and profit. Resolute Mining (ASX:RSG) attributable profit lifts 9%. ACCC takes action against BlueScope Steel (ASX:BSL).

Read More
17Jan

US-China phase one trade deal signed: Aus shares to open higher

17 Jan 2020 - The Australian share market is poised to open higher. After a week of flirting with the 7000-point barrier, the ASX200 managed to push above the 7000 mark yesterday for the first time on record. Strong leads from the US overnight as Wall Street rallied on the execution of the US-China phase one trade deal.

Read More
17Jan

European stocks benefit from the slowing price growth

17 Jan 2023 - Today's focus will be on the European markets, as the US was closed overnight due to the public holiday of Martin Luther King Day. European equity markets closed higher: the STOXX 600 closed 0.4% higher, the FTSE closed up by 0.2%, whilst the DAX and CAC added 0.3%.

Read More
30Jun

S&P 500, Nasdaq eked up on tech rally, Why Metcash is a buy: ASX to rise

30 Jun 2021 - In this report, I cover Wall St's performance on the back of two pieces of economic data. Semiconductor stocks helped the Technology rally. A wrap-up of yesterday's session including KFC and Taco Bell operator Collins Food's (ASX:CKF) full-year results. Why Metcash (ASX:MTS) jumped 5.7% and Credit Suisse's rating on it. RBA governor to speak today.

Read More