Mid-Market: S&P/ASX 200 Trading Higher; Fed Signaled Three Interest Rate Cuts This Calendar Year

On 21 March 2024, at AEDT 11:40 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 47.70 points or 0.62%, and is currently trading at 7,743.50 levels. Out of 11 sectors, 10 sectors are trading higher along with the gain in the S&P/ASX 200.

The A-REIT and Financials sectors are the top 2 gaining sectors, gaining 1.44% and 1.34% in their index values. On the other hand, Utilities sector is the only declining sector, declining 0.21% in its index value.

Ramelius Resources Limited (ASX: RMS) and Telix Pharmaceuticals Limited (ASX: TLX) are the top-gaining stocks, gaining 6.192% and 6.080% in their stock prices. On the other hand, Brickworks Limited (ASX: BKW) and Spark New Zealand Limited (ASX: SPK) are the top-losing stocks and are declining by 3.425% and 2.376% in their stock prices.

Factors influencing the market-

• Australian shares are trading higher as Wall Street gained after Federal Reserve policymakers signaled they expect to pivot to three interest rate cuts this calendar year.
• Brickworks Limited’s share price is declining after it has posted a loss of $52 million after writing down property valuations by $233 million over the six months ended January 31.
• Shares of tollroad group Atlas Arteria rose today after the company said chief executive Graeme Bevans would retire.
• The Dow has closed up by 1.03%, the S&P 500 up by 0.89%, and the NASDAQ ended higher by 1.25%.
• Hang Seng is up by 0.08%, and FTSE 100 is down by 0.01%.

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