Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

ASX 200 little changed at open, New York trades steady

EditorOliver Gray
Published 2024-02-27, 08:22 p/m
Updated 2024-02-27, 08:22 p/m
© Reuters - The Australian share market was trading in a tight range on Wednesday, as New York's trading patterns remain stable for a second consecutive session. The Nasdaq Composite was showing modest gains, while the S&P 500 remained marginally positive. In contrast, the Dow experienced a slight decline.

Apple shares (NASDAQ:AAPL) rose by 1%, overturning a previous 0.5% drop, following Bloomberg's announcement that the tech giant will abandon its electric car project to re-focus on artificial intelligence.

Several companies are expected to release their financial results on Wednesday, including Flight Centre Ltd (ASX:FLT), Worley Ltd (ASX:WOR), Harvey Norman Holdings Ltd (ASX:HVN), Kelsian Group Ltd (ASX:KLS), Light & Wonder Inc DRC (ASX:LNW), Nextdc Ltd (ASX:NXT), Perpetual Ltd (ASX:PPT), Spark New Zealand Ltd (ASX:SPK), Steadfast Group Ltd (ASX:SDF), and Strike Energy Ltd (ASX:STX).

Shares in Beach Energy (ASX:BPT), EVT Ltd (ASX:EVT), Fortescue (ASX:FMG), Lottery Corporation Ltd (ASX:TLC), Telstra Group Ltd (ASX:TLS), and Woolworths Ltd (ASX:WOW) are set to trade ex-dividend.

Track fundamental releases for all your favourite stocks with InvestingPro - Receive an additional 10% off the Pro+ subscription using the promo code "INVPRODEAL".

By 8 am AEDT, ASX 200 Futures were up by 11 points or 0.1% to 7632, the Australian dollar increased by 0.1% to 65.43 US cents and Bitcoin rose by 4.8% to $US57,244 at 8 am AEDT.

On Wall Street, BHP Group Ltd ADR (NYSE:BHP) saw a 0.9% increase, Rio Tinto ADR (NYSE:RIO) added 0.5%, and Atlassian Corp Plc (NASDAQ:TEAM) lifted 0.8%. Tesla (NASDAQ:TSLA) also rose by 0.3%, while Microsoft (NASDAQ:MSFT) dipped by 0.1%. Apple experienced a 1% increase, Nvidia saw a marginal decrease of 0.02%, while Alphabet (NASDAQ:GOOGL) rose by 1.1%, Amazon (NASDAQ:AMZN) fell by 0.6%, and Meta (NASDAQ:META) increased by 0.9%.

The price of spot gold increased by 0.1% to $US2032.95/oz, Brent crude rose by 1.2% to $US83.52 a barrel, and iron ore increased by 1.7% to $US117.40 a tonne.

Investors are awaiting several significant US reports, including the fourth-quarter GDP due early Thursday AEDT, January's PCE Price Index data expected early Friday, and multiple February manufacturing PMI data reports.

Federal Reserve Governor Michelle Bowman stated that she is still inclined to wait before moving towards rate cuts, citing the necessity for incoming data to show that inflation is sustainably moving towards the 2% goal. Only then, she believes, it would be appropriate to gradually lower the policy rate to prevent monetary policy from becoming overly restrictive.

Locally, the fourth quarter construction work and monthly CPI indicator are scheduled for release at 11.30 am, followed by the Reserve Bank of New Zealand's policy decision at 12 pm.

Overseas data expected include Eurozone's February consumer and economic confidence data at 9 pm.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.