The US stock market has shown mixed results overnight. The Dow Jones Industrial Average fell for an eighth consecutive session—its longest losing streak since 2018. In contrast, the Nasdaq Composite surged to a new all-time high, driven by gains in major tech stocks.
Broadcom was the standout performer, rising over 11%. Over the past five days, it has risen over 40%. Apple, Alphabet, and Tesla also hit fresh record highs. However, Nvidia bucked the trend, falling more than 2%. Nvidia is now down more than 10% from its November peak.
Markets are now focused on the Federal Reserve’s final policy meeting of 2024, with expectations of a quarter-point rate cut on Wednesday. Investors are eager for clarity on the Fed’s future policy moves, especially after rising inflation numbers over recent months.
In Europe, German Chancellor Olaf Scholz has lost a vote of confidence, triggering early elections on 23 February. The DAX closed 0.45% lower, the FTSE closed 0.46% lower and Paris closed 0.71% lower.
In commodities, Brent crude is down 0.95% at US$73.78 a barrel, as Chinese data reinforces worries about weakening demand.
Turning to Australia, Westpac has announced the retirement of its Chief Financial Officer, Michael Rowland, who will remain in his role until a successor is found.
The ASX 200 is set for a muted start, with futures down 14 points.
Sources: Bloomberg, FactSet, IRESS, TradingView, UBS, Bourse Data, Trading Economics, CoinMarketCap, Marketech.
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