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ausbiz: 1st August 2024
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The U.S. Federal Reserve has held interest rates steady but opened the door to begin cutting as soon as September.
Markets have now priced a 100% chance that the Fed funds rate, which is currently at 5.37% , will be cut at the next meeting on September the 18th.
Tech shares led the gains, boosting the broader market with the Nasadq leading the way to finish July strongly but still almost 1% lower for the month. The S&P 500 rose more than 1% on the month while the Dow was up almost 4.5% and the small cap Russell 2000 soared more than 10%.
Chip stocks surged before the Fed decision with Nvidia shares rocketing higher, while Meta beat market expectations for second-quarter revenue and issued a rosy sales forecast for the third quarter.
The Australian share market is set for a modestly positive opening with ASX futures up 0.2%.
Oil prices have risen around 3% on concerns the conflict in the Middle East could widen after the assassination of a Hamas leader in Iran.
Locally today, we get the June balance of trade data and on the corporate front Kelly Partners releases its earnings report.
#ausbiz #stocks #shares #investing #asx #equities #hotstocks #stockpicking
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Markets have now priced a 100% chance that the Fed funds rate, which is currently at 5.37% , will be cut at the next meeting on September the 18th.
Tech shares led the gains, boosting the broader market with the Nasadq leading the way to finish July strongly but still almost 1% lower for the month. The S&P 500 rose more than 1% on the month while the Dow was up almost 4.5% and the small cap Russell 2000 soared more than 10%.
Chip stocks surged before the Fed decision with Nvidia shares rocketing higher, while Meta beat market expectations for second-quarter revenue and issued a rosy sales forecast for the third quarter.
The Australian share market is set for a modestly positive opening with ASX futures up 0.2%.
Oil prices have risen around 3% on concerns the conflict in the Middle East could widen after the assassination of a Hamas leader in Iran.
Locally today, we get the June balance of trade data and on the corporate front Kelly Partners releases its earnings report.
#ausbiz #stocks #shares #investing #asx #equities #hotstocks #stockpicking
Subscribe to ausbiz
Follow ausbiz
#ausbiz #stocks #shares #investing #asx #equities #hotstocks #stockpicking
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