Lending Association

All three major US indices finish with solid weekly gains

The three major indices drifted over the last session of the week to finish mixed on the day, but ending with the best week of 2024 so far.

The Dow ended the day down 0.77 per cent and the S&P 500 inched lower to close down 0.14 per cent. The Nasdaq managed to tick into positive territory finishing the day up 0.16 per cent at 16,428 and setting another record high.

Positive Fed news and rates guidance during the week saw all three major indexes deliver solid weekly gains with the Dow Jones adding almost 2 per cent for the week. The S&P 500 added 2.3 per cent and the Nasdaq led the charge closing up almost 2.9 per cent for the week.

Turning to US sectors, Communications and Technology were the best performers closing up 0.85 per cent & 0.45 per cent respectively. The worst performing sector was Real Estate  closing down 1.2 per cent.

In company news FedEx surged 7 per cent on strong earnings that were well ahead of consensus. Nike ended the day 6.9 per cent lower after it lowered earnings guidance citing slowing China sales and demand. Lululemon also had a day to forget closing down 15.8 per cent after it also provided softer earnings guidance.

In local news all eyes this week will turn to the release of Australia’s February inflation data on Wednesday. 

Futures

The SPI futures are pointing to a 0.1 per cent gain.

Currency

One Australian dollar at 7.35am was buying 65.16 US cents.

Commodities

Gold lost 1.13 per cent. Silver fell 0.66 per cent. Copper dropped 1.26 per cent. Oil lost 0.54 per cent.

Figures around the globe

European markets closed mixed. London’s FTSE gained 0.61 per cent, Frankfurt added 0.15 per cent, and Paris closed 0.34 per cent lower.

Turning to Asian markets, Tokyo’s Nikkei added 0.18 per cent, Hong Kong’s Hang Seng dropped 2.16 per cent and China’s Shanghai Composite lost 0.94 per cent..

On Friday, the Australian share market closed 0.15 per cent lower at 7,770.55.

Ex-dividends
Cash Converters (ASX:CCV) is paying 1 cent fully franked
Cedar Woods Prop (ASX:CWP) is paying 8 cents fully franked
Lycopodium Limited (ASX:LYL) is paying 37 cents fully franked
NAOS Emerg Opp (ASX:NCC) is paying 3.75 cents 50 per cent franked
NRW Holdings Limited (ASX:NWH) is paying 6.5 cents fully franked
Perenti Limited (ASX:PRN) is paying 2 cents fully franked

Dividends payable
Australian Finance Group Ltd (ASX:AFG)
GR Engineering Services Ltd (ASX:GNG)
Teaminvest Private Group Ltd (ASX:TIP)

Sources: Bloomberg, FactSet, IRESS, TradingView, UBS, Bourse Data, Trading Economics, CoinMarketCap.

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.