On Friday, the Dow Jones Industrial Average hit a new record high as traders processed fresh data indicating ongoing progress in curbing inflation. Wall Street also celebrated its third consecutive week of gains.

The 30-stock Dow increased by 137.89 points, or 0.33 per cent, closing at 42,313.00, which marks both a record close and an all-time intraday peak. In contrast, the S&P 500 dipped 0.13 per cent to 5,738.17, while the Nasdaq Composite fell 0.39 per cent to 18,119.59, impacted by a 2 per cent decline in Nvidia shares.

Turning to US sectors, all closed mixed. Energy emerged as the best performer, closing 2.11 per cent higher, while Technology, was the worst, falling 0.96 per cent.

Throughout the week, major indexes extended their winning streaks, with the Dow and S&P 500 both rising approximately 0.6 per cent, while the Nasdaq climbed nearly 1 per cent.

Traders found encouragement in inflation data that raised hopes for additional rate cuts from the Federal Reserve. August's personal consumption expenditures (PCE) price index, the Fed's preferred measure of inflation, rose by 0.1 per cent, meeting economists' forecasts. On an annual basis, PCE increased by 2.2 per cent, slightly below the anticipated 2.3 per cent.

Policymakers and investors alike are keenly watching for continued signs of easing inflation, which could open the door for lower borrowing costs and provide relief to both corporate and household balance sheets.  

Gold settled down 1.0 per cent, and Bitcoin futures rose by 1.5 per cent. WTI crude experienced a 0.8 per cent gain in volatile trading but ultimately ended the week more than 4 per cent lower.

Silver prices surged to their highest levels since 2012 this week, driven by expectations of further interest rate cuts from the Federal Reserve and stimulus measures from China.

Futures

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

Currency

One Australian dollar at 7.45am was buying 69.07 US cents.

Commodities

Gold lost 0.99 per cent. Silver dropped 1.62 per cent. Copper fell 0.85 per cent. Oil added 0.75 per cent.

Figures around the globe

European markets closed higher. London’s FTSE added 0.43 per cent, Frankfurt gained 1.22 per cent, and Paris closed 0.64 per cent higher.

Turning to Asian markets, Tokyo’s Nikkei gained 2.32 per cent, Hong Kong’s Hang Seng jumped 3.55 per cent, while China’s Shanghai Composite closed 2.88 per cent higher.

On Friday, the Australian share market closed 0.10 per cent higher at 8212.  

Ex-dividends
Staude Capital Global Value Fund (ASX:GVF) is paying 3.3 cents fully franked
Steamships Trading (ASX:SST) is paying 12.8776 cents unfranked

Dividends payable
Beach Energy Ltd (ASX:BPT)
Apiam Animal Health Ltd (ASX:AHX)
Aussie Broadband Ltd (ASX:ABB)
Bendigo and Adelaide Bank Ltd (ASX:BEN)
Data3 Ltd (ASX:DTL)
G8 Education Ltd (ASX:GEM)
Grange Resources Ltd (ASX:GRR)
Mercury NZ Ltd (ASX:MCY)
Newmont Corp (ASX:NEM)
Woolworths Group Ltd (ASX:WOW)

Sources: Bloomberg, FactSet, IRESS, TradingView, UBS, Bourse Data, Trading Economics, CoinMarketCap, Marketech.
Disclaimer

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