Wall Street ended the week with record highs for the S&P 500 and Nasdaq Composite. The S&P 500 rose 0.25% to 6,090.27, while the Nasdaq climbed 0.81% to 19,859.77, driven by gains in Tesla, Meta, and Amazon. The Dow Jones Industrial Average moved in the opposite direction, falling 0.28% to 44,642.52. The S&P 500 and Nasdaq secured their third straight week of gains, up 0.96% and 3.34% respectively, while the Dow fell 0.6% for the week.
The broader market was optimistic after the release of US jobs data, which showed nonfarm payrolls grew by 227,000 in November, above the 214,000 forecast. However, the unemployment rate rose to 4.2%, as expected.
Market expectations for a Federal Reserve rate cut later this month increased.
Turning to Australia, ANZ has announced that Nuno Matos will succeed Shayne Elliott as CEO on 3 July. Matos, a former HSBC executive, brings more than 30 years of experience in retail, commercial and wholesale banking.
One Australian dollar is buying 63.95 US cents, 60.58 euros and 95.83 Japanese yen.
The Australian sharemarket is expected to open lower today, with futures indicating a 25-point decline. This follows four record closes over the last fortnight.
Sources: Bloomberg, FactSet, IRESS, TradingView, UBS, Bourse Data, Trading Economics, CoinMarketCap, Marketech.
Disclaimer
The views, opinions or recommendations of the commentators in this presentation are solely those of the author and do not in any way reflect the views, opinions, recommendations, of Sequoia Financial Group Limited ABN 90 091 744 884 and its related bodies corporate (“SEQ”). SEQ makes no representation or warranty with respect to the accuracy, completeness or currency of the content. Any prices published are accurate subject to the time of filming and shouldn’t be relied upon to make a financial decision. Commentators may hold positions in stocks mentioned and companies may pay FNN to produce the content at times. The content is for educational purposes only and does not constitute financial advice. Independent advice should be obtained from an Australian Financial Services Licensee before making investment decisions. To the extent permitted by law, SEQ excludes all liability for any loss or damage arising in any way including by way of negligence.