Market Update: Tech Stocks Helped Dow Jones Industrial Average

  • Nov 27, 2018 AEDT
  • Team Kalkine
Market Update: Tech Stocks Helped Dow Jones Industrial Average

The market players are aware that the direction of the technology sectors decides the movements of the broader markets. It can be said that yesterday’s robust movement in the technology sector primarily aided the broader markets. On November 26, 2018, Dow Jones Industrial Average ended the session at 24,640.24 which implies a rise of 354.29 points or 1.46%. On the same day, Amazon Inc (NASDAQ: AMZN) witnessed a strong surge of 5.28%. Other tech giants like Facebook (NASDAQ: FB), Apple Inc (NASDAQ: AAPL), Netflix (NASDAQ: NFLX) and Alphabet Inc (NASDAQ: GOOGL) ended the session by witnessing the rise of 3.53%, 1.35%, 1.01%, and 2.51%, respectively. No so long ago, the technology sector witnessed the negative impacts. However, the market players would be eagerly waiting for the meeting which would take place between the US and China as any settlement would ease the tension prevailing in the investors’ minds. Additionally, the settlement is likely to positively impact the technology sector, and if the technology giants witnessed robust momentum, the broader markets are likely to follow them. The global disturbances like the trade wars can severely impact the performance of the global markets and can also hamper consumer confidence.

What Has been Weighing on the Oil Prices

The weakness in the oil prices is still visible which could further impact the investors’ behaviour as well as confidence. The negative momentum with respect to financial markets raises the worries related to the economic slowdown which could slow down the demand prospects of the oil. Therefore, the participants in the oil markets are presently worried about the situation of the oversupply. However, after the OPEC meeting, there is a high probability that the oil prices might stabilize because it is expected that the discussions in the meeting would primarily focus on cutting down the levels of production. However, emerging markets or EMs like India, tend to benefit with the fall in the oil prices because of its dependency on oil consumption. When there were worries that the oil prices might witness strong uptrend, the Indian economy was witnessing the negative impacts. However, it would not be wrong to say that the oil prices are expected to remain sensitive to the outcome of the meeting between the United States and China.

Australian Markets Ended on Strong Note

The Australian markets ended on the positive note as S&P/ASX200 settles as 5728.3 which implies the rise of 56.7 points or 1%. Afterpay Touch Group Limited (ASX: APT) and Seven West Media Limited (ASX: SWM) ended the session on November 27, 2018 by witnessing a rise of 8.626% and 7.407%, respectively. Talking about the stocks which witnessed the decline, Syrah Resources Limited (ASX: SYR) and Resolute Mining Limited (ASX: RSG) ended the session by witnessing a decline of 5.621% and 3.125%, respectively.

Santos Limited (ASX: STO) has completed the acquisition of Quadrant Energy as it has received the approval from ACCC or Australian Competition and Consumer Commission. Read the full news here. Advanced Braking Technology Limited (ASX: ABV) provided an update related to the braking system. Read the full news here.


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