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ASX 200 to retreat amid lower commodity prices, Wall St dips

EditorOliver Gray
Published 24/05/2024, 08:24 am
© Reuters
- - The Australian stock market is set to open lower on Friday, as US indices and commodity prices retreated overnight.

ASX 200 Futures were projecting a 0.5% dip by 8:30 am AEST. Among commodities, brent crude oil teetered around the $US81 per barrel level, as gold prices fell beneath $US2350 an ounce and iron ore prices slipped below $US119 per tonne.

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In the US, all three key indices ended on a down note, as the PMI latest data outpaced expectations, leading investors to believe that the Federal Reserve might stick to higher interest rates for a longer duration.

The S&P 500 wrapped up the day with a 0.7% decline, the NASDAQ Composite dropped 0.4%, and the Dow Jones Industrial Average gave up 1.5%.

On the tech front, NVIDIA Corporation (NASDAQ:NVDA) rallied 9.3%, raising its market capitalization to $US2.55 trillion. In contrast, the shares of Apple Inc (NASDAQ:AAPL) slipped 2.1%, bringing its market capitalization down to $US2.87 trillion.

Among local companies, Appen Ltd (ASX:APX), Syrah Resources Ltd (ASX:SYR), and Vulcan Energy Resources Ltd (ASX:VUL) are all scheduled to hold their respective Annual General Meetings (AGMs) on Friday.

In corporate news, BHP Group's (ASX:BHP) proposed acquisition of Anglo American (JO:AGLJ) is anticipated to be successful, with BHP effectively encouraging its target to set its price.

on the bond markets, Australia 10-Year rates were at 4.402% while 2-year rates were at 4.118%.

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