AUS
NZ
UK
CA
USA
IND
Highlights
- Dow Reaches Record High Amid Nasdaq Decline :The Dow hit a new all-time high, while the Nasdaq experienced its worst session since December 2022.
- Major Moves in ASX Companies : Domino’s Pizza to close up to 80 low-volume stores; Fortescue delays green hydrogen plans and cuts 700 jobs; Healius receives $700M bids for Lumus Imaging.
- Sector Performance and Stock Movements : Staples, Energy, Financials, and Real Estate sectors outperformed; potential local tech stock weakness; continued decline in local uranium stocks expected.
The Dow closed at a new all-time high, while the S&P 500 and Nasdaq experienced sharp declines, with the Nasdaq having its worst day since December 2022. The Russell 2000 reached its most overbought point in history, up 12% in five sessions. UK inflation remained at the Bank of England's 2% target in June, signaling a potentially volatile session ahead. Rotation dynamics persisted, as the Magnificent Seven stocks fell 1-6%, while 73% of Dow constituents rose. Small caps and cyclicals paused after recent gains, contributing to the mixed performance in major US benchmarks.
ASX Today:
- Domino’s Pizza (ASX:DMP) plans to close up to 80 low-volume stores in Japan and reduce stores in France by FY25.
- Fortescue delays its green hydrogen target and cuts 700 jobs.
- Healius received two non-binding bids for its Lumus Imaging business, valued at around $700 million.
- Iress is in focus for a potential private equity buyout by Blackstone.
What to Watch Today:
- Staples, Energy, Financials, and Real Estate sectors outperformed overnight; watch if local names follow.
- Big US tech stocks saw significant losses; monitor potential weakness in local tech stocks.
- Uranium stocks declined; watch for continued weakness in local names like DYL, BOE, and PDN.
- Healius bids valued at around $700 million; proceeds expected to pay down debt and improve productivity.
- Droneshield shares fell 30% in two sessions, showing volatility.
Broker Moves:
- Jumbo Interactive: Initiated at Underweight with $14.50 target (JPMorgan).
- Liontown Resources: Initiated at Neutral with $1.30 target (E&P).
- Praemium: Downgraded to Hold from Buy; target cut to $0.50 from $0.55 (Ord Minnett).
- Zip Co: Upgraded to Outperform from Sector Perform; target increased to $1.90 from $1.10 (RBC Capital).
