Global Factors influencing ASX stocks on 28 November 2023

On 28 November 2023, at AEDT 12:50 PM, the benchmark index S&P/ASX 200 is trading higher today, gaining 48.60 points or 0.70%, and is currently trading at 7,036.20 levels. All 11 sectors are trading higher along with the S&P/ASX 200. The A-REIT and Financial sectors were the top 2 gaining sectors, up by 1.72% and 0.93% in their index values.

Also read: Mid-Market: S&P/ASX 200 Trading Higher By 0.55%; CKF Gained By More Than 7%

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 lower in their previous session. NASDAQ Composite, NASDAQ-100, Dow jones, and S&P 500 ended lower by 0.07%, 0.13%, 0.16%, and 0.20% respectively.

2. Monday saw the Dow closing lower as investors hesitated ahead of key economic data later in the week. Despite a break in oil's four-week decline, caution prevailed amid uncertainties about potential OPEC+ output cuts. Reuters reported the alliance's consideration of a "collective further reduction." The market is on edge, awaiting a slew of economic reports, with a focus on forthcoming inflation data.

3. Zscaler raised its annual guidance Monday after reporting fiscal first-quarter results that exceeded Wall Street estimates, driven by increased demand for cybersecurity amid ongoing enterprise spending. Zscaler Inc was down more than 6% in after-hours trading. For the three months ending Oct. 31, the cybersecurity company reported adjusted EPS of US$0.67 on revenue of US$496.7 million. Analysts polled by Investing.com had expected EPS of US$0.49 and revenue of US$473.4 million. The positive performance reflects a heightened demand for cybersecurity amid ongoing enterprise investments in this sector.

4. EU antitrust authorities have expressed concerns about Amazon's acquisition of iRobot, suggesting potential limitations on competition in the robot vacuum cleaner market, according to Reuters. The US$1.4 billion deal, announced by Amazon in August last year, faced scrutiny amid the larger tech industry's increasing concerns about acquiring smaller competitors and amassing extensive data. Such acquisitions raise questions about market dominance and potential expansion into new areas. Following this news, iRobot shares plummeted by more than 17% today, reflecting the impact of regulatory concerns on investor sentiment and the perceived competitive landscape in the robot vacuum cleaner market.

5. The Hang Seng and FTSE 100 is down by 0.20% and 0.37%.

Customer Notice:

Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.

Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com