Marcus Today Market Updates Marcus Today

ASX 200 rallies 17 points to 7587 (0.2%) as banks take heart from NAB result and new buy back. NAB up 1.5% and the Big Bank Basket up to $203.54 (+1.0%). MQG rallying 1.2% ahead of its results tomorrow, with NWL also doing well up 2.0%. Insurers eased back. REITs slightly better with GMG up 0.8%. Healthcare finding a few friends, CSL up 0.3% and RMD up 0.6%. Industrials mixed, WOW fell 4.2% on quarterly results underwhelming, COL down 1.9% and TLS falling 1.4%. Tech better, XTC up 2.7% and XRO up 0.4% with the All-Tech Index up 0.1%. Resources better as BHP moved slightly higher, RIO down 0.2% and FMG up 1.0% with gold miners putting in a solid day, NST up 1.0% and EVN up 0.8%. Oil and gas down and dirty STO off 0.8%  and WDS falling yet another 1.2%. On the corporate front, BAP lived up to low expectations with a bad trading update and cratered 23.9%, NAM got another bid at 70c, RIO was quiet at the AGM on the BHP bid for Anglo, SQ2 fell 5.6% on rumours that US regulators are examining the business. In economic news, Building Approvals missed expectations, falling 1.9% in February. The BoP also missed expectations on exports in commodities. In Asia, Japan unchanged, China closed for a long weekend and HK up 2.4%. 10-year yields at 4.44% slipping slightly lower.

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Wall Street closed mixed overnight after the Fed held rates unchanged, as expected. The policy statement was largely unchanged but noted a lack of progress towards the 2% inflation goal in recent months. Powell’s conference speech was less hawkish than anticipated. He noted that the next meeting is unlikely to be a rate hike and that he is not seeing any evidence of stagflation. Dow up 87 points (+0.23%). Up 533 points at best, down 35 points at worst. S&P 500 and NASDAQ fell 0.34% and 0.33%, respectively. Bonds rallied after Powell downplayed the possibility of interest rate hikes, with the 2Y yields falling back below 5% and the 10Y yield eased 4.1bps in a volatile session. On the economic front, US job openings tumbled to a 3Y low falling 325k from the previous month, and US ISM Manufacturing PMI contracted, falling to 49.2 in Apr-24.

ASX to fall. SPI Futures down points (-0.07%).

NAB and WOW in focus.
Copper fell 0.48% on profit-taking following the sharpest rally in years.Gold jumped 1.41% as the USD and treasury yields tumbled lower after the Fed’s interest rate decision.Oil prices fell sharply to a seven-week low on a surprise build in US crude stocks.  WTI -3.34% and Brent Crude -4.85%.10Y Bond Yields – US 4.641%, Australia 4.490%, and Germany 2.584%.Currencies – AUD -0.05%, USD Index -0.51%, Euro +0.01%, and Bitcoin -4.14%.Base metals finished lower as the USD Index was close to a six-month high ahead of the FOMC decision before tumbling. Nickel -1.96%, Aluminium -0.23%, Zinc -0.95%, Lead -1.74% and Tin -1.44%.
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ASX 200 falls another 94 points to 7588 (-1.2%) as US markets fall ahead of FOMC meeting results. Banks eased with results in focus, NAB flat with the Big Bank Basket down to $201.58 (-0.4%). Insurers slipped, with QBE off 1.2% and SUN down 2.3%, with other financials easing MQG down 0.9%. REITS slipped slightly, GMG down 0.6% and SGP off 1.6% Industrials weaker, QAN down 1.2% on data breach issues, WOW sold out of 5% of EDV down 3.9% with COL up 1.1%. Retailers in some trouble, JBH down 1.9% and PMV falling 2.1%. Tech a little mixed, WTC down 4.3% and XRO up 0.9% with the All-Tech Index down 1.5%. Resources weak across the board, BHP falling another 1.7% with FMG dropping 2.8%. Gold miners smashed on bullion falls, EVN down 3.5%, NST off 3.4%, and NEM down 2.1%. Oil and gas stocks in trouble on crude falls, WDS down 2.6% and STO falling 2.1%. In corporate news, quarterly results and a slight upgrade for AMC up 4.6%, AVZ will delist in a $2.8bn blow to existing shareholders. NXG in a halt on a capital raise, VCX reaffirmed earnings guidance, and QAN dipped 1.19% on a potential hack on their frequent flyer app. On the economic front, nothing significant. Asian markets holding up relatively well. 10-year yields 4.51%. Many European markets closed for May Holidays. Dow Futures down 5 points. NASDAQ Futures down 65 points.
 
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The S&P 500 dropped 1.57% to close at 5,035.69 The Dow Jones Industrial Average fell 570.17 points, or 1.49% to finish the session at 37,815.92. The Nasdaq shed 2.04% to 15,657.82.

It was an April for the major averages, with the Dow losing 5% for its worst monthly performance since September 2022. The S&P 500 slid about 4.2% this month, and the Nasdaq lost 4.4%. The three major averages snapped five-month winning streaks.

ASX SPI Futures down 92 points.
Base metals mixed. Nickel +0.24%, Aluminium +0.41%, Zinc +1.86%, Lead +0.45% and Tin -3.81%.Copper eased -0.13% after four sessions of gains on slower manufacturing activity in China and a firm dollar.Gold tumbled 2.09% to a one-week low, pressured by rising bond yields and the US dollar.Oil prices extended losses from yesterday following rising US crude production and hopes of a Middle East ceasefire.  WTI -0.91% and Brent Crude -0.73%.10Y Bond Yields – US 4.682%, Australia 4.479%, and Germany 2.591%.Currencies – AUD +0.03%, USD Index +0.68%, Euro -0.01%, and Bitcoin -4.34%.
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