12/02/2025 08:48:51
US Markets
The S&P 500 edged higher on Tuesday as investors weighed cautious remarks from Federal Reserve Chair Jerome Powell on interest rates. Uncertainty persists over the economic outlook amid U.S. tariffs and the potential for an escalating global trade war.
The S&P 500 rose 0.03% to close at 6,068.50, while the Nasdaq Composite slipped 0.36% to 19,643.86. The Dow Jones Industrial Average climbed 123.24 points, or 0.28%, to finish at 44,593.65.
Tesla dropped 6% as investors worried that Elon Musk’s bid for OpenAI and his involvement with the US government were diverting his focus from the company’s EV sales.
Commodities
Oil prices continued to rise as US sanctions appear to be impacting Russian crude supplies. Brent crude climbed 1.5% to $77.01 a barrel, signaling potential further gains in the energy sector.
Local Market
The Australian sharemarket is poised for a positive open, buoyed by Commonwealth Bank’s impressive earnings. Strong lending growth and robust credit quality propelled the bank to a record half-year profit, exceeding expectations and setting a positive tone for the day’s trading.
Company News
Commonwealth Bank reported a $5.13bn first-half profit, up 2% on last year and above expectations, driven by solid lending growth and sound credit quality. Higher expenses from inflation and investment spending were noted, but CBA said its balance sheet remains strong. The bank will pay a $2.25 interim dividend per share, up 5% from last year
New Zealand electricity generators Genesis Energy, Mercury, Meridian, and Contact are exploring the extended use of the Huntly Power Station Rankine Units. This investigation aims to ensure power supply reliability as the country integrates more renewable energy sources.