Keeping you up to date with the latest market moves, in association with Investment firm Jarden
All major US indices were in the red at the time of writing. The S&P 500 was down 1.6 per cent, the Nasdaq dropped 3.1 per cent and the Dow Jones Industrial Average fell 0.6 per cent.
Most of the sectors traded lower, led by communication services (-4 per cent), consumer discretionary (-2.5 per cent) and technology (-1.8 per cent). The best performing sectors were utilities and consumer staples, improving 1.4 per cent and 1.0 per cent, respectively.
Retail company O'Reilly Automotive was the best performing stock in the S&P 500 at the time of writing. The share price advanced 4.9 per cent from the previous trading session.
Automotive retail company Autozone rose 4.3 per cent, following the company's earnings announcement before market open. The company beat earnings and revenues estimates. In the latest quarter Autozone earned US$29.03 per share, which is US$2.98 above the expected US$26.05 per share.
Real estate investment trust company American Tower Corporation rounded out the top gainers, rising 3.6 per cent.
The largest underperformer for the index was global cruise company Norwegian Cruise Line, plummeting 12.2 per cent to a 52-week low.
Medical device company Dexcom also regressed 12.2 per cent to a new 52-week low at the time of writing. This followed speculation that the company may be in talks to acquire medical device making company Insulet.
Closing out the bottom movers was leisure travel company Carnival Corporation falling 11.4 per cent, a new 52-week low.
Rest of the World
Asian markets were in the red overnight. The Shanghai Composite decreased 2.4 per cent, the Nikkei rose dropped 0.9 per cent, and the Hang Seng fell 1.8 per cent.
European markets were also in the red. The FTSE down 0.4 per cent, the DAX diminished 1.8 per cent and the CAC lessened 1.7 per cent.
Gold traded 0.9 per cent higher to US$1,863.70 per ounce, while silver gained 1.6 per cent to US$22.07 per ounce.
At the time of writing, WTI Crude Oil fell 0.4 per cent to US$109.85 per barrel.
The cryptocurrency market was mixed, with Bitcoin having increased 0.5 per cent and Ethereum down 1.3 per cent.
The US 10-year Treasury rate lowered 10 basis points to 2.756 per cent alongside a nine basis point drop in the 30-year rate, to 2.975 per cent.
The NZX 50 index fell 0.6 per cent to 11,247 points yesterday.
Pushpay jumped 12.9 per cent. Two existing shareholders, BGH Capital and Sixth Street, advised that they have entered in a scheme of arrangement to negotiate an acquisition of Pushpay.
The donor management firm confirmed it had received more interest since April but has not entered an agreement with any party. Pushpay is continuing to assess which direction would be best for its current shareholders.
Additional outperformers were fleet management company Eroad, and milk nutrition firm Synlait Milk, which increased 2.1 and 1.8 per cent, respectively.
Electricity generator and retailer Meridian Energy, fell 3.5 per cent. The movement followed no apparent news.
Distribution and transport provider Freightways lost 3.3 per cent while film software company Vista Group decreased 3.2 per cent.
NZ Post has released their e-Commerce report for the first quarter of 2022. They reported online spending has risen 31 per cent from the same period last year and was up 86 per cent from the same quarter in 2020, prior to the first Covid-19 restrictions.
Given access to physical stores was the same in both periods, it could suggest that some of the increase in online spending due to Covid-19 restrictions may be a long-lasting shift in the behaviour of some consumers.
In other news, the Reserve Bank is expected to announce any changes to monetary policy today. Consensus estimates point to an expected increase of 50 basis points in the Official Cash Rate, taking it to 2 per cent.
The ASX 200 closed lower on Tuesday, down 0.3 per cent. Nine out of 11 sectors closed in the red, with information technology (-3.0 per cent), telecommunication services (-1.9 per cent) and utilities (-1.2 per cent) sectors dragging down the index. A-REIT (+0.5 per cent) and financials (+0.3 per cent) were the only sectors that closed in the green
Tabcorp Holdings Limited was the single stock laggard, falling a significant 80.2 per cent yesterday following the demerger of its lotteries and Keno business. The spin-off is called The Lottery Corporation and listed separately on the ASX under the ticker TLC. Yesterday, eligible shareholders were given one share in The Lottery Corporation for every Tabcorp share they owned.
Next in line was agriculture chemical company Nufarm Limited, down 14.6 per cent. This fall comes after Nufarm had received notification from Sumitomo Chemical Co Limited regarding its decision to sell its entire 15.9 per cent holding in Nufarm.
Despite its most recent upward trend, Imugene Limited dropped 8.9 per cent yesterday. The bio-tech company wrote to shareholders on Monday, highlighting its A$100 million in cash, and three unique platform technologies supporting six unique assets.
On the flip side, Allkem Limited led the top performers with a 3.7 per cent gain. Similarly, Perseus Mining Limited increased 3.3 per cent and Pilbara Minerals Limited rose 3.2 per cent. This performance potentially comes on the back of increased demand for lithium.
• For more information on the latest market moves, get in touch with Jarden.
Disclaimer: The Jarden Brief is provided for general information purposes only. It reflects views and research available at the time of publication, using external sources, systems and other data and information we believe to be accurate, complete and reliable at the time of preparation. We make no representation or warranty as to the accuracy, correctness and completeness of that information, and will not be liable or responsible for any error or omission. The Jarden Brief is not to be relied upon as a basis for making any investment decision. Please seek specific investment advice before making any investment decision. Jarden Securities Limited is an NZX Firm. A financial advice disclosure statement is available free of charge at https://www.jarden.co.nz/our-services/wealth-management/financial-advice-provider-disclosure-statement/ Full disclaimer available at: https://www.jarden.co.nz/wealth-sales-and-research-disclaimer