Global Factors influencing ASX stocks on 10 January 2024

On 10 January 2024, at AEDT 11:50 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 14.10 points or 0.19%, and is currently trading at 7,506.90 levels. Out of 11, 6 sectors are trading lower along with the decline in the S&P/ASX 200. The Materials and Utilities sectors are the top 2 declining sectors, declining 1.74% and 0.53% in their index values.

Also Read: Mid-Market: S&P/ASX 200 Trading Lower By 0.21%; Dragged Down By Materials And Utilities Stocks

On that note, let us look at a few global reasons impacting the stock market today.

1. Key U.S. indices ended mixed in their previous session. NASDAQ Composite, and NASDAQ-100 gained 0.09% and 0.17%. However, Dow Jones and S&P 500 declined by 0.42% and 0.15%, respectively.

2. The S&P 500 and Dow lost ground and closed lower in the previous session, pressured by a modest rise in Treasury yields as investors assessed the timing and size of any Federal Reserve interest rate cuts in 2024 ahead of inflation data this week.

3. Coinbase and other Bitcoin-related stocks were volatile after the U.S. SEC posted on twitter that it approved Bitcoin ETFs. Later SEC's chairman Gary Gensler later said the SEC’s account was hacked and that the ETFs were not approved today. The drama caused Coinbase shares to decline 2%.

4. Oil prices climbed around 2% on Tuesday as the Middle East crisis and a Libyan supply outage pared the previous day's heavy losses.

5. Hang Seng is down by 0.21%, and FTSE 100 is down by 0.13%.

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