US Stock indices fell in trading yesterday as investors digested more hawkish than expected FOMC Meeting Minutes. However, Asian bourses will be bolstered after Nvidia published strong first quarter results after the bell to confirm that the AI boom that has powered this year’s stock rally is well and truly alive.
Other products reacted strongly to the possibility of Fed rates remaining higher for longer, the market now pricing in 40bps of cuts by year end. Treasury yields gained again, as did the dollar, however the most pain was felt in metals and Oil as Gold dropped back again off recent record highs to lose 1.8% on the day and Oil prices dropped well in excess off 1% on the back of the resurgent greenback.
| Market | Daily Change | Close |
| Dow | -0.51% | 39,671 |
| S&P | -0.27% | 5,307 |
| Nasdaq | -0.18% | 16,801 |
| USD | +0.28% | 104.91 |
| US Treasury – 2 Year | +5bps | 4.879% |
| US Treasury – 10 Year | +2bps | 4.434% |
| Oil – Brent | -1.18% | $81.90 |
| Oil – WTI | -1.39% | $77.57 |
| Gold | -1.8% | $2,377 |
Today’s Events AEST:
Asian Session
- 8.45 am – NZ Retail Sales
European Session
- 5.15 pm – French Flash Manufacturing and Services PMI Data
- 5.30 pm – German Flash Manufacturing and Services PMI Data
- 6.30 pm – UK Flash Manufacturing and Services PMI Data
US Session
- 10.30 pm – US Unemployment Claims Data
- 11.45 pm – US Flash Manufacturing and Services PMI Data
- 12.00 am – US New Home Sales Data
