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The ASX 200 futures are trading 59 points higher, up 0.76% as of 8:30 am AEST, indicating a strong start for the index (ASX:XJO). In the U.S., the S&P 500 (NASDAQ:SPX) ended higher on Friday and remained largely unchanged for the week. Major benchmarks, including the Nasdaq (NASDAQ:IXIC), Dow Jones (NASDAQ:DJI), and Russell 2000 (NASDAQ:RUT), showed mixed performance as big investors took advantage of last week's selloff to snap up bargains, especially in tech stocks.
Key Market Movers:
- TSMC (NASDAQ:TSM) reported a 45% surge in July revenue driven by AI demand, providing a boost to the semiconductor sector.
- Goldman Sachs (NASDAQ:GS) noted that corporates, asset managers, sovereigns, and hedge funds were buying the dip in high-quality defensive stocks.
- JPMorgan (NASDAQ:JPM) highlighted that its US Tactical Positioning Monitor indicates potential for a 3% rally in the S&P 500 over the next 20 days.
ASX Today:
- Aurizon (ASX:AZJ) reports FY24 results and announces a buyback.
- Carsales.com (ASX:CAR) and JB Hi-Fi (ASX:JBH) also report FY24 results, with the market closely watching for key earnings figures.
- BHP (ASX:BHP) faces union negotiations under new industrial relations changes.
- Orora (ASX:ORA) could attract opportunistic bidders, while Ramsay Health Care (ASX:RHC) might receive a takeover offer from European private equity groups.
What to Watch Today:
- Aurizon (ASX:AZJ) is expected to report FY24 revenue of $3.81bn with a potential $100m buyback.
- Beach Energy (ASX:BPT) could rally off poor results, as it has done in the past.
- Carsales.com (ASX:CAR) is expected to post strong FY24 earnings, with potential for a stock rally.
- JB Hi-Fi (ASX:JBH) might surprise with a "better-than-feared" outcome, particularly in margins and dividends.
Recent Key Performances:
- Nick Scali (ASX:NCK) showed resilience after a weak FY24 result, bouncing back to close flat after initially opening lower.
- Life360 (ASX:360) beat analyst expectations with its Q2 update, potentially setting the stage for broker upgrades.
