The ASX has fallen 0.12% today, driven down by weakness in the sectors. The bourse dipped 9.60 points to 7,768.50, having gained 0.69% over the last five days and now sitting 1.80% off its 52-week high.
The weakness was felt most in Industrials, Comm Services, Utilities and Financials with little positive movement in any of the sectors except Energy, which enjoyed a 0.79% bump, and Consumer Staples with a more modest 0.50% lift.
Woodside Energy Group was the main driver of gains in the energy sector, adding 1.22% to its stock price today.
Uranium stocks also benefited from the Coalition’s proposed nuclear energy plan, with mid-cap Deep Yellow Ltd (ASX:DYL) adding 4.21% to its share price.
You can read more about that here.
The worst-performing stocks today were Helia Group Ltd, down 20.62%, and QBE Insurance Group, down 4.90%.
Helia’s stock fell after revealing the Commonwealth Bank – a major client – would be reviewing a contract with the company involving the lender's mortgage insurance requirements, introducing an air of uncertainty for the company.
US tech firms broaden beyond magnificent 7
XTB research director Kathleen Brooks joins us to discuss US markets and the new US Tech stocks worth keeping an eye on.
“The S&P 500 hit its 30th record high of the year on Monday and this is driving enthusiasm towards European and Asian shares. Tech stocks have driven the US market higher in recent days,” Brooks writes.
“The top performers include Broadcom (NASDAQ:AVGO), Apple (NASDAQ:AAPL), Adobe (NASDAQ:ADBE) and Oracle (NYSE:ORCL), they are all higher by more than 10% in the past five days, Broadcom is higher by nearly 30% after reporting a strong set of earnings earlier this week.
“UK and European stocks have followed suit and the Nikkei in Japan was higher by 1% on Tuesday.
“On Monday, the same day that the S&P 500 made a fresh record high, only 12 companies made a 4-week high.
“However, on a longer-term basis, 46% of S&P 500 stocks are above their 50-day moving average. This has improved since last week and is also higher than the FTSE 100, where 43% of stocks are above their 50-day moving average, which is a short-term momentum indicator.
“After the sharp selloff in European shares last week, only 34% of the Eurostoxx index is above its 50-day moving average. Thus, less than half of US stocks are basking in the S&P 500’s glory but the figures suggest that the rally is not as narrow as some argue.
“However, there is no denying that there have been some massive gains for the tech sector so far this month, with Broadcom, Hewlitt Packard, Oracle, Adobe and Nvidia all registering double-digit gains so far in June.
“While Nvidia regularly features in the top 10 best-performing stocks, the recent rally has been driven by tech, but the tech sector rally has broadened out to include stocks that are not merely the magnificent 7, which is also worth noting.”
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