Mid-Market: S&P/ASX 200 Rallying Today; After US Inflation Data

On 16 May 2024, at AEST 11:00 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 91.50 points or 1.18%, and is currently trading at 7,845.20 levels. All 11 sectors are trading higher along with the gain in the S&P/ASX 200. The A-REIT and Consumer Discretionary sectors are the top 2 gaining sectors, gaining 1.51% and 1.24% in their index values.

Aristocrat Leisure Limited (ASX: ALL) and Xero Limited (ASX: XRO) are the top-gaining stocks, gaining 8.701% and 4.001% in their stock prices. On the other hand, Arcadium Lithium Limited (ASX: LTM) and Iluka Resources Limited (ASX: ILU) are the top-losing stocks and are declining by 5.227% and 1.414% in their stock prices.

Factors influencing the market-

• The Australian share market is rallying today as Wall Street soared to record highs after US inflation data stoked hopes the Federal Reserve will cut interest rates in September.
• Aristocrat Leisure’s shares jumped more than 8% after its profits for the six months to March 31 beat expectations.
• Incitec Pivot Limited’s shares also adding 2.5% to $2.91 on its earnings result, also it has written down the carrying value of its fertilizers business to $1.1 billion after an impairment of $498 million.
• Oil prices settled higher in the previous session, as a much larger-than-expected draw in U.S. weekly inventories and a fall in the dollar offset the IEA's weaker forecast for demand growth this year.
• The Dow has closed up by 0.88%, the S&P 500 closed up by 1.17%, and the NASDAQ ended higher by 1.40%.
• Hang Seng is down by 0.22%, and FTSE 100 is up by 0.21%.

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