Mid-Market: S&P/ASX 200 Trading Higher; Mirroring Us Markets Gains

On 16 September 2024, at AEST 11:00 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 30.80 points or 0.38%, and is currently trading at 8,130.70 levels. Out of 11, 9 sectors are trading higher along with the gain in the S&P/ASX 200.

The A-REIT and Information Technology sectors are the top 2 gaining sectors, gaining 1.00% and 0.80% in their index values. On the other hand, Energy and Healthcare sectors are the top 2 declining sectors, declining 0.46% and 0.39% in their index values.

Alcoa Corporation (ASX: AAI) and Evolution Mining Limited (ASX: EVN) are the top-gaining stocks, gaining 4.980% and 3.819% in their stock prices. On the other hand, Ramelius Resources Limited (ASX: RMS) and Telix Pharmaceuticals Limited (ASX: TLX) are the top-losing stocks and are declining by 5.264% and 3.780% in their stock prices.

Factors influencing the market-

• S&P/ASX 200 is trading higher tracking a rally on Wall Street as tech and gold stocks climbed. US stocks rallied strongly on Friday as the US FED prepares to lower interest rates this week. Markets are now pricing a roughly 50:50 chance that the central bank may kick of its easing cycle with a jumbo half a percentage point move lower.
• Austal Limited’s shares are gaining following winning a US$450 million contract with General Dynamics Electric Boat to expand production capacity at its US shipyard in Mobile, Alabama.
• Alcoa Corporation gained after announcing plans to sell its full joint venture interest to Saudi Arabian Mining Company (Ma’aden) for US$1.1 billion ($1.6 billion).
• Oil prices edged up in early trade amid anticipations of a U.S. interest rate cut this week, though gains were capped by U.S. supply resumptions following Hurricane Francine and weaker China data.
• The Dow has closed up by 0.72%, the S&P 500 closed up by 0.54%, and the NASDAQ ended higher by 0.65%.
• Hang Seng is trading flat, and FTSE 100 is up by 0.39%.

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