US stocks rally as Powell hints at possible rate cuts

Informed Investor08-26

US stocks rallied on Friday after Federal Reserve Chair Jerome Powell hinted that interest rate cuts could be on the horizon.The Dow Jones Industrial Average climbed 462.30 points, or 1.14 per cent, ...

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The Nasdaq Composite rose 1.47 per cent, ending at 17,877.79, while the S&P 500 gained 1.15 per cent, finishing at 5,634.61, just shy of the record highs reached last month.All three major indexes posted gains for the week. The Dow increased by nearly 1.3 per cent, the Nasdaq by 1.4 per cent, and the S&P 500 by 1.45 per cent.Small-cap stocks also advanced, with the Russell 2000 rising over 3 per cent on the day.Turning to US sectors, all sectors closed higher on Friday. Real Estate, Consumer Discretionary and Technology were the top performing sectors. Consumer Staples recorded the fewest gains.US stocks received a boost early Friday after Powell, speaking at the Federal Reserve's annual Jackson Hole conference, indicated that rate cuts were likely, though he did not specify the timing or magnitude of the reductions.Investors responded positively, with expectations of a rate cut at the September Fed meeting now widespread, according to the CME Group’s FedWatch Tool. However, there remains uncertainty about the size of the potential cut.Cava Group stock soared 21 per cent after the release of their second-quarter financial results. The company's earnings per share exceeded market expectations, and its revenue surpassed analysts' forecasts.In commodity-related news, uranium ETFs surged as Kazakhstan's national uranium miner, Kazatomprom, announced a significant cut in its 2025 production target by over 15 per cent. The Sprott Uranium Miners ETF (URNM) rose more than 8 per cent, and the Global X Uranium ETF (URA) gained over 7 per cent, with Canadian uranium miner Cameco's shares increasing nearly 6 per cent.India's silver imports are set to nearly double this year due to rising demand from solar panel and electronics manufacturers, along with increased investment demand following a cut in import duties from 15 per cent to 6 per cent in July.FuturesThe SPI futures are pointing to a 0.5 per cent gain.Currency One Australian dollar at 7.30am was buying 67.93 US cents.Commodities Gold added 1.18 per cent. Silver gained 2.66 per cent. Copper rose 1.41 per cent. Oil gained 2.49 per cent.Figures around the globeEuropean markets closed higher. London’s FTSE added 0.48 per cent, Frankfurt gained 0.76 per cent, and Paris closed 0.70 per cent higher.Turning to Asian markets, Tokyo’s Nikkei added 0.40 per cent, Hong Kong’s Hang Seng lost 0.16 per cent, while China’s Shanghai Composite closed 0.20 per cent higher.On Friday, the Australian share market closed 0.04 per cent lower at 8023.92.  Ex-dividendsAnsell Limited (ASX:ANN) is paying 32.7648 cents unfrankedAustralian United Investment Company (ASX:AUI) is paying 28 cents fully frankedAurizon Holdings Ltd (ASX:AZJ) is paying 7.3 cents 60 per cent frankedChallenger Limited (ASX:CGF) is paying 13.5 cents fully frankedDomino Pizza Enterpr (ASX:DMP) is paying 50.4 cents unfrankedDiversified United (ASX:DUI) is paying 9 cents fully frankedHansen Technologies (ASX:HSN) is paying 5 cents 42 per cent frankedNetwealth Group (ASX:NWL) is paying 14 cents fully frankedShape Aust Corp Ltd (ASX:SHA) is paying 9 cents fully frankedSantos Ltd (ASX:STO) is paying 19.3481 cents unfrankedStep One Limited (ASX:STP) is paying 2.8 cents fully frankedDividends payableGoodman Group (ASX:GMG)Sources: Bloomberg, FactSet, IRESS, TradingView, UBS, Bourse Data, Trading Economics, CoinMarketCap, Marketech.DisclaimerThe views, opinions or recommendations of the commentators in this presentation are solely those of the author and do not in any way reflect the views, opinions, recommendations, of Sequoia Financial Group Limited ABN 90 091 744 884 and its related bodies corporate (“SEQ”). SEQ makes no representation or warranty with respect to the accuracy, completeness or currency of the content. Any prices published are accurate subject to the time of filming and shouldn’t be relied upon to make a financial decision. Commentators may hold positions in stocks mentioned and companies may pay FNN to produce the content at times. The content is for educational purposes only and does not constitute financial advice. Independent advice should be obtained from an Australian Financial Services Licensee before making investment decisions. To the extent permitted by law, SEQ excludes all liability for any loss or damage arising in any way including by way of negligence.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"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":"4.29.3","shortVersion":"4.29.3","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/2462897602"}