Australian shares were lower during today’s trade, dropping 56.80 points or 0.73% to 7,765.50.
Languishing at the bottom of the bourse were Arcadium Lithium Plc and IGO Ltd, down 3.88% and 3.96% respectively.
Over the last five days, the index is virtually unchanged but is currently 1.83% below its 52-week high.
Information Technology (0.36%) and Consumer Discretionary (0.27%) were the only sectors in the green at close of play today, with other sectors flat or sinking – the worst being Materials (-1.78%), Energy (-1.54%) and Health Care (-1.07%).
Good finish to the week - what now?
Last week the Nasdaq gained 3.60%, the S&P500 added 1.95% and the Dow Jones added 257 points (+0.66%).
IG analyst Tony Sycamore observed: “The S&P500 and the Nasdaq ended the week at fresh record highs following cooler labour market data which heightened expectations the Fed will deliver a first rate cut in September.
Ominously for the US economy, jobs for May and June were revised lower by a combined 111,000 jobs.
Sycamore continued: “Providing further evidence of cooling, the unemployment rate increased to 4.1% from 4% despite an increase in the participation rate to 62.6% from 62.5%.
“Lastly, average hourly earnings increased by 3.9% year-on-year (YoY) in June, the lowest since June 2021.
“The US rates market starts this week pricing in 19bp of Fed rate cuts in September, with a total of 53bp of Fed rate cuts priced before year-end.
“This week, the key events on the US economic calendar are CPI and PPI data for June, Fed chair Powell's semi-annual testimony on Monetary Policy to the Senate Banking Committee and the start of the US Q2 2024 earnings season.
“For CPI, the preliminary expectation is for headline inflation to fall to 3.1% YoY from 3.3% prior. Core inflation is also expected to remain stable at 3.4% YoY.”
Five at five
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