AUS
NZ
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CA
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GER
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Highlights:
- US Markets Surge: The S&P 500 recorded its best day since November 2022, with significant gains in tech stocks such as Broadcom (NASDAQ:AVGO), Intel (NASDAQ:INTC), and Nvidia (NASDAQ:NVDA), and notable jumps in Eli Lilly (NYSE:LLY) and Under Armour (NYSE:UA).
- European Markets Mixed: European markets saw modest gains with a boost from healthcare stocks like Hikma Pharmaceuticals (LSE:HIK) and Novo Nordisk (NYSE:NVO), while the FTSE 100 experienced a slight decline due to major UK stocks trading ex-dividend.
Commodities and Currencies: Oil prices rose for a third day, with Brent crude and US Nymex both increasing. The Australian dollar strengthened against the US dollar, while base metals had mixed performance and gold recovered to US$2,463.30 per ounce.
As usual, market sentiment has shifted once again, boosting US markets and setting a positive tone for the ASX today. ASX futures are up 1.1% or 85 points as of 8:30am AEST. With several company earnings reports expected in the coming hours and consumer and producer price data out of China, the day could bring more volatility.
US and European Markets
The S&P 500 had its best day since November 2022, driven higher by gains in chipmaking shares and strong performances from major tech stocks. Broadcom Inc (NASDAQ: AVGO, ETR: 1YD) rose 6.95%, Intel Corp (NASDAQ: INTC, ETR: INL) gained 7.90%, and Nvidia (NASDAQ:NVDA) climbed 6.13%. Meta Platforms (NASDAQ:META) increased 4.2%, and Apple Inc (NASDAQ:AAPL) saw a 1.7% rise.
Eli Lilly and Company (NYSE:LLY) jumped 9.5% after raising its annual sales forecast, largely driven by its Zepbound weight loss drug. Under Armour Inc (NYSE:UA) surged 19.2% following a surprise first-quarter profit and effective cost-cutting measures.
The Dow Jones Industrial Average rose 1.8% or 683 points, the S&P 500 gained 2.3%, and the Nasdaq Composite added 2.9% or 464 points.
In Europe, markets were less enthusiastic. Healthcare stocks saw a 1% boost, led by British drugmaker Hikma Pharmaceuticals (LSE:HIK), which increased 8.3% on positive annual forecasts. Novo Nordisk (NYSE:NVO) rose 4.3%, recovering some losses from earlier in the week.
The FTSE 300 posted a 0.1% gain, but major UK stocks like AstraZeneca (LSE:AZN) (-0.49%) and Standard Chartered (LSE:STAN) (-2.44%), which traded ex-dividend, contributed to a 0.3% decline in the FTSE 100.
Currencies and Commodities
The Australian dollar strengthened against the US dollar overnight, rising from US$0.6542 to near US$0.6590 at the close. The Euro and Japanese Yen weakened; the Euro fell from US$1.0944 to near US$1.0920, and the Yen dropped from JPY 145.63 per US dollar to near JPY 147.20.
Oil prices continued to rise for a third day. Brent crude increased by US$0.83, or 1.1%, to US$79.16 per barrel, and US Nymex crude rose by US$0.96, or 1.3%, to US$76.19 per barrel.
Base metals showed mixed results. Copper futures gained 0.2% due to anticipated higher consumption in China, while iron ore dropped US$0.96, or 0.9%, to US$100.75 per tonne, and aluminium futures fell 0.5%.
Gold rebounded from recent volatility, rising US$30.90, or 1.3%, to US$2,463.30 per ounce, with spot gold trading near US$2,425 per ounce at the market close.
