US retailers push market higher: BHP rallies overnight
US equities were mixed in a fairly uneventful Tuesday trading session.
The Dow Jones Industrial Average rallied on Tuesday, rising for a fifth day as earnings results from Walmart and Home Depot showed consumer spending could remain strong enough to keep the economy from tipping over into a downturn.
On the ASX today we have reporting: Amcor, Brambles, Corporate Travel, CSL, Domain & Magellan to name a few.
Overnight BHP closed up 2 per cent above the ASX close post an extraordinary 26 per cent rise in underlying profit from continuing operations to $US21.3 billion.
Across the markets the Dow 0.71 per cent to close at 34,152.01, while the S&P 500 inched 0.19 per cent higher to 4,305.20. The Nasdaq Composite slipped 0.19 per cent to 13,102.55.
The 30-stock DOW index opened Tuesday’s session in negative territory before rallying as much as nearly 369 points at session highs thanks to a boost from Walmart and Home Depot. Shares of both retailers popped as Walmart reiterated its second-half outlook and Home Depot maintained its 2022 guidance.
Retail names including Target, Best Buy and Bath & Body Works gained 4 per cent each on the back of those results. Earnings for the sector are set to continue with reports from Target and Lowe’s on Wednesday.
In other news, Bed Bath & Beyond shares staged a rally, which continued after market with the stock up 75 per cent as Reddit traders once again bet big on the stock.
The S&P 500 is coming up against its 200-day moving average, a key resistance level closely watched by traders.
Across the sectors, energy was one of the worst performers as Brent crude futures ended the day 2.9 per cent lower in volatile trading as economic data spurred concerns about a potential global recession, while the market awaited clarity on talks to revive a deal that could allow more Iranian oil exports.
Across the sectors best performing industries were department stores, Industrial metals,banks, insurers outperformed. Meme stocks up big again, though well offbest levels. Underperforming industries included Semis, megacap tech, growth software payment networks & precious metals.
Currencies
One Australian dollar has risen slightly compared to the US dollar yesterday, buying 70.26 US cents
Commodities
Iron ore futures are pointing to a 0.3 per cent gain.
Gold lost $8.40 or 0.5 per cent to US$1790 an ounce.
Silver was down $0.21 or over 1 per cent to US$20.20 an ounce.
Copper was up $0.70 or 0.2 per cent to US$362.45 a pound.
Oil lost $2.88 or 3.2 per cent to US$86.53 a barrel.
Futures
The SPI futures are pointing to a 0.2 per cent gain.
Figures around the globe
Across the Atlantic, European markets closed higher. Paris added 0.3 per cent, Frankfurt gained 0.7 per cent and London’s FTSE closed 0.4 per cent higher.
Asian markets closed mixed. Tokyo’s Nikkei closed flat, Hong Kong’s Hang Seng lost 1.1 per cent and China’s Shanghai Composite closed 0.1 per cent higher.
Yesterday, the Australian sharemarket gained 0.6 per cent to 7105.
Ex-dividends
There are three companies set to trade without the right to a dividend.
Commonwealth Bank (ASX:CBA) is paying 210 cents fully franked
FSA Group (ASX:FSA) is paying 3.5 cents fully franked
ResMed Inc (ASX:RMD) is paying 4.3534 cents unfranked
Dividends payable
There is one company set to pay eligible shareholders today.
Mirrabooka Investments (ASX:MIR)
Sources: Bloomberg, FactSet, IRESS, TradingView, UBS, Bourse Data, Trading Economics, CoinMarketCap.
Copyright 2022 – Finance News Network
Source: Finance News Network
