Global Factors Influencing ASX stocks on 14 July 2023

On 14 July 2023, at AEST 10:30 AM, the benchmark index S&P/ASX 200 is trading up today, gaining 33.10 points or 0.46%, and is currently trading at 7,280.00 levels. Out of 11 sectors, 7 sectors are trading higher along with the S&P/ASX 200. The Materials and Industrials sectors were the top 2 gaining sectors, gaining 0.62% and 0.17% in their index values.

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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, NASDAQ-100, Dow Jones, and S&P 500 ended higher by 1.58%, 1.73%, 0.14%, and 0.85%, respectively.

2. On Thursday, the Dow ended the day with gains, buoyed by a strong performance from Google, which contributed to overall tech sector growth. Investors also analyzed positive quarterly results from PepsiCo and Delta, while anticipating upcoming earnings reports from major Wall Street banks.

3. Friday witnessed an increase in oil prices, driven by reduced supply concerns in Libya and Nigeria, along with the alleviation of U.S. inflation. Market participants anticipate that the moderation in inflation could potentially lead to a halt in interest rate hikes in the largest global economy.

4. Thursday witnessed a stock market rally as a second inflation indicator revealed a milder-than-anticipated reading. This development raised optimism among investors, suggesting that the Federal Reserve may be approaching the conclusion of its interest rate hike cycle.

5. The Hang Seng and FTSE 100 is up by 2.60% and 0.32%.

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