Mid-Market: S&P/ASX 200 Trading Higher; Investors Lift US Rate Cut Bets

On 12 July 2024, at AEST 11:00 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 56.70 points or 0.72%, and is currently trading at 7,946.30 levels. Out of 11 sectors, 10 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 1.56% and 1.00% in their index values. On the other hand, Information Technology sector is the only declining sector, declining 0.67% in its index value.

Arcadium Lithium Ltd (ASX: LTM) and James Hardie Limited (ASX: JHX) are the top-gaining stocks, gaining 4.347% and 4.320% in their stock prices. On the other hand, Wisetech Global Limited (ASX: WTC) and Paladin Energy Limited (ASX: PDN) are the top-losing stocks and are declining by 1.745% and 1.288% in their stock prices.

Factors influencing the market-

• S&P/ASX 200 is gaining today as data showing the US entered deflation in June stoked bets the US Federal Reserve will soon cut interest rates.
• US bond yields sunk on the data, as investors rotated out of mega-cap tech stocks printing cash into smaller caps that benefit more from lower interest rates.
• The US CPI index dipped 0.1% last month, beating economists’ expectations for a 0.1% increase. The CPI was unchanged in May. The annual rate is now 3%, down from 3.3%.
• Oil prices rose in the previous session with the Brent benchmark settling above $85 a barrel as hopes rose for U.S. interest rate cuts.
• The Dow has closed up by 0.08%, the S&P 500 closed down by 0.88%, and the NASDAQ ended lower by 1.92%.
• Hang Seng is up by 2.06%, and FTSE 100 is up by 0.36%.

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