ASX Today: Musk’S Twitter Buy Reignites Interest in Growth Stocks

the market herald2022-04-05

The share market was primed for its highest open since the first week of the year after commodity prices rallied and US investors bought some of last quarter’s worst-performing stocks.Elon Musk’s ...

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Comments

szueyann
2022-04-05
szueyann
Like
Kirton
2022-04-05
Kirton
Not sure why markets move with Musk's investment choices. They forgot about Dogecoin?
Shawrac
2022-04-05
Shawrac
Interesting
IAS
2022-04-05
IAS
Growth stocks pick up, just have to see market reaction by the next rate hike
Marcus0168
2022-04-05
Marcus0168
like
Looyusooi
2022-04-05
Looyusooi
Ok

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Meanwhile, on commodity markets, iron ore, crude oil and copper advanced.ASX futures climbed 50 points or 0.67 percent, indicating the local market will open at its strongest since January 5. The Reserve Bank meets today and is expected to leave its key policy settings on hold.Wall StreetUS investors piled into beaten-up growth stocks after Musk’s purchase of a 9.2 percent holding in Twitter underlined potential value in social media and other out-of-favour pockets of the market.The Nasdaq Composite surged 271 points or 1.9 percent. The broaderS&P 500gained 37 points or 0.81 percent. The Dow Jones Industrial Average trailled with a rise of 104 points or 0.3 percent.Twitter jumped 27.12 percent. Facebook owner Meta Platforms put on 4.02 percent, Snap 5.22 percent and Pinterest 10.44 percent.Musk’s Tesla advanced 5.61 percent on record electric vehicle delivery figures. 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The two- and ten-year yields remained inverted.Defensive stocks dragged as investors favoured companies with more potential upside. Utilities, health and consumer staples were among the laggards.Australian outlookThe S&P/ASX 200 has this year’s high-point in its sights after Wall Street, key commodities and the dollar rallied overnight. The Australian benchmark ended yesterday within 80 points of this year’s strongest close and should get nearer this session.How near will depend on the reaction to today’s RBA meeting. The Reserve Bank meets this morning and will release an updated policy statement at 2.30 pm AEST. While the cash rate is expected to stay at a record low 0.1 percent, the bank is under pressure to lay the groundwork for increases later in the year.Many economists expect the bank to raise in June, after the federal election. Markets are currently pricing in a 200-basis point increase by year-end.Commodity gains helped light a fire under the dollar.The Aussie climbed 0.83 percent to 75.45 US cents.Growth sectors look likely to lead this session, reflecting moves in the US. The three US sectors associated with Big Tech (I.T., consumer discretionary, communication services) led with gains of 1.9-2.3 percent.Energy finished narrowly positive, up 0.07 percent as US crude regained US$100 a barrel. BHP and Rio Tinto declined as the materials sector finished little changed.Financials loom as a possible drag after falling 0.48 percent in the US. Defensive havens also retreated.Chinese markets remain closed today for a public holiday. Back home, Marchconstruction figures are due at 8.30 am AEST.IPOs: Microba Life Sciences is set to debut at 10.30 am AEST. The company is focused on developing therapeutics for chronic diseases using technology for measuring the human gut microbiome.CommoditiesIron ore regained US$160 a tonne as buyers anticipated stronger government support for the economy. The spot price for ore landed in China rose US$2.02 or 1.3 percent to US$162 a tonne.BHP‘s US and UK listings both reversed 0.66 percent. Rio Tintoshed 1.57 percent in the US and 1.49 percent in the UK.US oil climbed 4 percent to US$103.28 a barrel after Russian atrocities in Ukraine fuelled calls for stronger sanctions against Moscow from the European Union. Brent crude settled US$3.14 or 3 percent ahead at US$107.53 a barrel.Copper rallied in thin trade on the London Metal Exchange while Chinese markets were closed for a public holiday. Benchmark copper climbed 1.1 percent to US$10,451.75 a tonne. Zinc gained 0.3 percent. Nickel was flat. Aluminium eased 0.2 percent, lead 1.3 percent and tin 1.9 percent.Gold rebounded as the threat of more sanctions against Russia added to inflation worries. Metal for June delivery settled US$10.30 or 0.5 percent ahead at US$1,934 an ounce. 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They forgot about Dogecoin?","listText":"Not sure why markets move with Musk's investment choices. They forgot about Dogecoin?","text":"Not sure why markets move with Musk's investment choices. They forgot about Dogecoin?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9016350077","repostId":1196523674,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9016383016,"gmtCreate":1649126696276,"gmtModify":1676534456647,"author":{"id":"4096363831830380","authorId":"4096363831830380","name":"Shawrac","avatar":"https://community-static.tradeup.com/news/4b57d6b0577b4a1a6c2ad29fb9cfe92f","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"4096363831830380","authorIdStr":"4096363831830380"},"htmlText":"Interesting","listText":"Interesting","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9016383016","repostId":1196523674,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9016397188,"gmtCreate":1649124277517,"gmtModify":1676534456054,"author":{"id":"3576136694569207","authorId":"3576136694569207","name":"IAS","avatar":"https://static.tigerbbs.com/933fbcc1d9c75b4ff82486f8a48a3e7c","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3576136694569207","authorIdStr":"3576136694569207"},"htmlText":"Growth stocks pick up, just have to see market reaction by the next rate hike&nbsp;","listText":"Growth stocks pick up, just have to see market reaction by the next rate hike&nbsp;","text":"Growth stocks pick up, just have to see market reaction by the next rate hike","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9016397188","repostId":1196523674,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9016393836,"gmtCreate":1649123655296,"gmtModify":1676534455833,"author":{"id":"3579731150117851","authorId":"3579731150117851","name":"Marcus0168","avatar":"https://static.tigerbbs.com/8306535f31b23cae8f41676bb045aaa3","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3579731150117851","authorIdStr":"3579731150117851"},"htmlText":"like","listText":"like","text":"like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9016393836","repostId":1196523674,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9016942377,"gmtCreate":1649121344820,"gmtModify":1676534455177,"author":{"id":"4100437715079400","authorId":"4100437715079400","name":"Looyusooi","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"4100437715079400","authorIdStr":"4100437715079400"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9016942377","repostId":1196523674,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":447,"commentSize":79,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.4","shortVersion":"4.29.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1196523674"}