S&P 500 hits another record, Dow reaches all-time high, and tech stocks rally

26Feb

S&P 500 hits another record, Dow reaches all-time high, and tech stocks rally

 

The S&P 500 stabilised on Friday after hitting another record as investors wrapped the week on a high note.

The S&P 500 inched higher by 0.03 per cent to close at 5,088.80. Earlier Friday, the broad market index broke above 5,100 for the first time. The Dow Jones Industrial Average added 62.42 points, or 0.16 per cent, also reaching a fresh record and closing at an all-time high of 39,131.53. The Nasdaq Composite lost 0.28 per cent to close at 15,996.82, but had notched a fresh 52-week high earlier in the session.

All three major averages registered winning weeks. The S&P 500 advanced 1.66 per cent, while the tech-heavy Nasdaq gained 1.4 per cent last week. The Dow is up 1.3 per cent for the period.

Wall Street is coming off a monster day as Nvidia shares roared on strong quarterly results, leading the chipmaker to briefly surpass a $2 trillion valuation.

On the corporate earnings front, Block surged 16.1 per cent after fourth-quarter revenue surpassed Wall Street estimates. Carvana climbed 32.1 per cent after the used car retailer said it expects retail units to grow in 2024.

US sectors were mixed on Friday. Utilities, Materials and Industrials were the top performers. Energy was the worst.

Looking ahead to the Australian landscape, Coles will reveal its profit report on Tuesday, Woodside will report its annual result also on Tuesday, and insurers Suncorp and NIB are due to release their interim numbers on Monday.

In addition to the earnings reports, Australian retail sales data for January is expected to be released on Thursday, showing a rebound after a December decline. Furthermore, CoreLogic will release house price data for February on Friday, projecting a gain in the median house price across eight capital cities.
 
Futures

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

Currency

One Australian dollar at 7.40am was buying 65.63 US cents.

Commodities

Gold added 0.93 per cent. Silver gained 0.81 per cent. Copper lost 0.37 per cent. Oil dropped 2.70 per cent.

Figures around the globe

European markets closed higher. London’s FTSE added 0.28 per cent, Frankfurt also gained 0.28 per cent, and Paris gained 0.70 per cent.

Turning to Asian markets, Tokyo’s Nikkei was closed on Fridayt, Hong Kong’s Hang Seng fell 0.10 per cent and China’s Shanghai Composite added 0.55 per cent..

On Friday, the Australian share market closed 0.42 per cent higher at 7,643.59.

Ex-dividends
Ansell Limited (ASX:ANN) is paying 25.2139 cents unfranked
Aurizon Holdings Ltd (ASX:AZJ) is paying 9.7 cents 60 per cent franked
Codan Limited (ASX:CDA) is paying 10.5 cents fully franked
Contact Energy Ltd (ASX:CEN) is paying 12.8169 cents unfranked
Domino Pizza Enterpr (ASX:DMP) is paying 55.5 cents unfranked
HMC Capital Limited (ASX:HMC) is paying 6 cents unfranked
Hansen Technologies (ASX:HSN) is paying 5 cents 46 per cent franked
Humm Group Limited(ASX:HUM) is paying 0.75 cents fully franked
Infomedia Ltd (ASX:IFM) is paying 2.2 cents fully franked
McGrath Ltd (ASX:MEA) is paying 3 cents fully franked
Santos Ltd (ASX:STO) is paying 26.7953 cents unfranked
Winton Land (ASX:WTN) is paying 0.516 cents unfranked

Dividends payable
Waypoint REIT Ltd (ASX:WPR)

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.
Copyright 2024 – Finance News Network


Source: Finance News Network

Share this post

Related Posts

26Sep

Job vacancies fall for the first time in years: ASX tracking 0.2% lower at noon

26 Sep 2019 - The ASX opened higher then fell after early morning trade and is now tracking 0.2% lower at noon. Newcrest (ASX:NCM) shares dropped today after they reported RC drilling had started at the Tanami region of WA. Sezzle (ASX:SZL) is now available to online businesses worldwide through Visa’s CyberSource payment management platform.

Read More
06Mar

Retail turnover falls 0.3 per cent: Aus shares 1.6% lower at noon

06 Mar 2020 - The Australian share market continued to drop at the open, extending this week’s losses. The ASX200 index tumbled 1.6 per cent following negative leads from international markets. VEEM (ASX:VEE) constructs world’s largest gyrostabilizer.

Read More
06Jul

Commodity prices take a beating: ASX set to fall

06 Jul 2022 - As oil prices dived on Tuesday, it seems that traders are now quickly taking off their inflationary positioning as a broad sell-off in commodities reflected fears that an economic downturn and and lockdowns in China could undercut demand.

Read More
01Aug

Wall St mixed as Fed holds rates, Rio Tinto’s stellar profit returns lofty dividends, Why Xero is a buy: ASX to rise

29 Jul 2021 - Major benchmarks around the globe closed mixed in anticipation of the US Federal Reserve’s outcome. European markets saw green across the board on positive travel news while in Asian markets, indexes slightly improved. A recap on why China officials tightened their grip and also why Citi has Xero (ASX:XRO) as their favourite tech stock with a buy rating. ABS is set to release international trade figures today.

Read More
09Mar

Russian oil ban fuels Wall St sell-off, ASX to edge higher

09 Mar 2022 - Global shares were volatile amid the US banning Russian oil imports while the UK aims to do so by year-end. At a summit this week, the EU are mulling on reducing its dependence on Russian energy. Commodity prices surged and pared back gains.

Read More
15Nov

Lower than expected inflation number drives markets higher

15 Nov 2023 - Stocks rallied on Tuesday, building on their strong November gains, as Wall Street cheered new U.S. inflation data that raised hope of the Federal Reserve wrapping up its rate-hiking campaign.

Read More
14Nov

Unemployment figures hit the mark: Aus shares close 0.6% higher

14 Nov 2019 - The Australian share market saw a strong rally off the back of trend unemployment data which met the consensus. The market managed to maintain momentum over the afternoon to finish 0.6 per cent higher. Engineering company Monadelphous Group (ASX:MND) has acquired Chile-based Buildtek and Maqrent.

Read More
12Apr

Material stocks lead market higher on renewed M&A activity

12 Apr 2023 - Investors are bracing for a one-two punch on inflation in the coming days, starting with tomorrow’s Consumer Price Index data and Thursday’s Producer’s Price Index. The two reports will be the biggest readings on inflation ahead of the Fed’s next interest rates decision on May 3.

Read More
05Mar

Tech, Health care and Materials down over 2%: Aus market sheds 1.3% at noon

05 Mar 2021 - Despite a slight bump at the open, the ASX has trended lower during the first 2 hours of trade and is down 1.3 per cent at noon. The Tech, Health care and Materials sectors are all down over 2 per cent this morning. Lithium-boron producer Ioneer (ASX:INR) has completed its fully underwritten institutional placement raising $80 million.

Read More
14Jan

Lithium shares continue to rally: Aus shares close 0.9% higher

14 Jan 2020 - It’s been a positive day of trade for the Australian share market closing 0.9 per cent higher. Kangaroo Island Plantation Timbers (ASX:KPT) report further damage.

Read More