Mid-Market: S&P/ASX 200 Trading Higher; FED Reserve Cut Rates By 50 Bps

On 19 September 2024, at AEST 11:00 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 15.00 points or 0.18%, and is currently trading at 8,157.10 levels. Out of 11, 8 sectors are trading higher along with the gain in the S&P/ASX 200.

The Materials and Utilities sectors are the top 2 gaining sectors, gaining 1.01% and 0.76% in their index values. On the other hand, Industrials and Healthcare sectors are the top 2 declining sectors, declining 0.51% and 0.07% in their index values.

Sims Limited (ASX: SGM) and Strike Energy Limited (ASX: STX) are the top-gaining stocks, gaining 6.890% and 6.097% in their stock prices. On the other hand, ALS Limited (ASX: ALQ) and Resmed Inc. (ASX: RMD) are the top-losing stocks and are declining by 9.566% and 2.566% in their stock prices.

Factors influencing the market-

• Australian shares are gaining despite declines in futures and US markets to open at a fresh record high after the US Federal Reserve chose to cut rates by 50 basis points earlier this morning.
• Sims Limited’s shares are rising following the company announced that its Australian and New Zealand operations are continuing to face pressures from weak China demand – but noted its other business segments were showing renewed strength.
• Oil prices slipped lower in the previous session as a rate cut announcement from the Federal Reserve raised worries about the health of the U.S. economy, while investors largely shrugged off a crude oil inventory decline that they attributed to the impact of short-lived weather.
• The Dow has closed down by 0.25%, the S&P 500 closed down by 0.29%, and the NASDAQ ended lower by 0.31%.
• Hang Seng is up by 1.37%, and FTSE 100 is down by 0.68%.

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