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S&P 500 retreats as Nvidia’s momentum slows

On Wednesday, the S&P 500 pulled back from a record reached in the previous session, as Nvidia cooled off from its red-hot rally.

The broad market index slipped 0.19 per cent to close at 5,165.31, while the Nasdaq Composite lost 0.54 per cent to 16,177.77. The Dow Jones Industrial Average added 37.83 points, or 0.1 per cent, to finish the session at 39,043.32.

Nvidia shares were down 1.1 per cent. Shares of Meta Platforms slipped 0.8 per cent, and Apple fell about 1.2 per cent. The VanEck Semiconductor ETF (SMH) slid roughly 2 per cent for its third losing session in four.

Wall Street will remain hypervigilant for how the central bank will proceed with monetary policy at its next meeting beginning on March 19.

Elsewhere, Dollar Tree lost 14 per cent after the discount retailer released its fourth-quarter results. Investors will get more inflation data Thursday in the form of the producer price index for February.

According to BofA’s Flow Show report, global equities garnered $6.9B in inflows for the week-ended 6-Mar, marking a seventh consecutive week of such inflows and totaling over $90B during that period, representing the strongest trend in two years.

Looking ahead, US February retail sales and PPI will be released later tonight, whilst January business inventories will be released Friday.

Turning to US sectors, Energy was the best performer overnight, closing higher by over 1.5 per cent. Tech was the worst.

In the Australian landscape, Singtel is in advanced negotiations to sell Optus to Brookfield for $16 billion, following a challenging period marked by a nationwide outage and a significant cyberattack. Meanwhile, Arafura, backed by Rinehart, receives $840 million in taxpayer aid for a Northern Territory project, marking the largest deployment of government funds to support the rare earths industry under the Albanese administration.

Futures

The SPI futures are pointing to a 0.3 per cent rise.

Currency

One Australian dollar at 8.45am was buying 66.21 US cents.

Commodities

Gold added 0.68 per cent. Silver gained 3.12 per cent. Copper rose 3.26 per cent. Oil gained 2.78 per cent.

Figures around the globe

European markets closed mixed. London’s FTSE added 0.31 per cent, Frankfurt lost 0.02 per cent, and Paris closed 0.62 per cent higher.

Turning to Asian markets, Tokyo’s Nikkei lost 0.26 per cent, Hong Kong’s Hang Seng fell 0.07 per cent and China’s Shanghai Composite lost 0.40 per cent..

Yesterday, the Australian share market closed 0.22 per cent higher at 7,729.44.

Ex-dividends
Austin Engineering (ASX:ANG) is paying 0.4 cents fully franked
Eagers Automotive (ASX:APE) is paying 50 cents fully franked
Breville Group Ltd (ASX:BRG) is paying 16 cents fully franked
Embelton Limited (ASX:EMB) is paying 15 cents fully franked
H&G High Conviction (ASX:HCF) is paying 2 cents fully franked
Inghams Group (ASX:ING) is paying 12 cents fully franked
Plato Inc Max Ltd. (ASX:PL8) is paying 0.55 cents fully franked
PWR Holdings Limited (ASX:PWH) is paying 4.8 cents fully franked
Regis Healthcare Ltd (ASX:REG) is paying 6.28 cents 50 per cent franked
Shriro Holdings Ltd (ASX:SHM) is paying 2 cents fully franked
SRG Global Ltd (ASX:SRG) is paying 2 cents fully franked
Sthn Cross Media (ASX:SXL) is paying 1 cents fully franked
TPG Telecom Limited (ASX:TPG) is paying 9 cents fully franked
WCM Global Growth (ASX:WQG) is paying 1.72 cents fully franked

Dividends payable
Ansell Ltd (ASX:ANN)
APA Group (ASX:APA)
Bell Financial Group Ltd (ASX:BFG)
Count Ltd (ASX:CUP)
Eumundi Group Ltd (ASX:EBG)
EVT Ltd (ASX:EVT)
ResMed Inc (ASX:RMD)

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.