Daily Market Update – 29 May 2024
Global financial markets experienced a mixed day yesterday as investors prepared themselves for various inflation updates later in the week. US stocks were equally mixed with the Dow dropping over half a percent while the Nasdaq gained a similar amount to record its first ever close above 17,000.
US treasury yields moved higher again after disappointing auction results in the 5-year space, and the dollar dipped. Oil prices powered higher ahead of an OPEC meeting that is expected to maintain curbs on production.
The first of the week’s major inflation numbers hit the market today with the immediate focus on the Australian CPI data early in the Asian session, followed by the Prelim CPI numbers from Germany, which come out on a state-by-state basis.
| Market | Daily Change | Close |
| Dow | -0.55% | 38,852 |
| S&P | +0.02% | 5,306 |
| Nasdaq | +0.59% | 17,019 |
| USD | -0.1% | 104.61 |
| US Treasury – 2 Year | +1.9bps | 4.972% |
| US Treasury – 10 Year | +6.5bps | 4.538% |
| Oil – Brent | +1.4% | $84.22 |
| Oil – WTI | +2.11% | $79.83 |
| Gold | +0.3% | $2,357 |
Today’s Events AEST:
Asian Session
- 30 am – Australian CPI Data
European Session
- All Day – German Prelim CPI Data
US Session
- 00 am – Richmond Manufacturing Index Data
- 45 am – FOMC Member John Williams Speaks
