Global Factors influencing ASX stocks on 10 October 2023

On 10 October 2023, at AEDT 12:35 PM, the benchmark index S&P/ASX 200 is trading higher today, gaining 75.30 points or 1.08%, and is currently trading at 7,045.50 levels. All 11 sectors are trading higher along with the S&P/ASX 200. The Utilities and A-REIT sectors were the top 2 gaining sectors, up by 3.05% and 1.36% in their index values.

Also read: Mid-Market: S&P/ASX 200 Trading Higher By 1.06%; All 11 Sectors Are Trading In The Green Zone

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

1. Some of the key U.S. indices ended higher in their previous session. NASDAQ Composite, S&P 500, NASDAQ-100, and Dow jones ended higher by 0.39%, 0.63%, 0.49%, and 0.59% respectively.

2. On Monday, the Dow rose after investors responded to early weakness, considering the Federal Reserve's cautious stance on rate hikes and escalating geopolitical tensions amid the Israel-Hamas conflict fears. Federal Reserve officials, including Vice Chair Philip Jefferson and Dallas Fed President Lorie Logan, emphasized the importance of recent increases in Treasury yields, which have tightened financial conditions, in the Fed's fight against inflation.

3. Oil prices dipped marginally on Tuesday after a 4% surge, with market concerns focused on potential supply disruptions amid ongoing conflict between Israel and Hamas. Both benchmarks rose significantly on Monday, rebounding from last week's volatile declines.

4. On Monday, Wall Street's main indexes ended higher, boosted by energy stocks amid updates on the Israel-Hamas conflict. Investors remained attentive to economic indicators and earnings reports. Augustine noted the U.S. economy's resilience and anticipated earnings recovery beginning this week.

5. The Hang Seng is up by 0.18% and FTSE 100 is down by 0.03%.

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