The bottom three movers on Wall Street overnight were all cruise companies. Photo / 123RF
Keeping you up to date with the latest market moves, in association with Investment firm Jarden
International
US
Major US indices were mixed at the time of writing. The S&P 500 was flat, the Nasdaq dipped 0.1 per cent and the Dow Jones Industrial Average increased 0.5 per cent.
This comes after US first quarter Gross Domestic Product (GDP) shrank 1.6 per cent and Federal Reserve Chair Jerome Powell vowed he would not allow inflation to take hold of the economy over the longer term at a European Central Bank forum.
Sectors were mixed with six out of 11 in the green. Health was up 1.2 per cent, consumer staples rose 0.8 per cent and technology increased 0.5 per cent.
Conversely, energy dropped 2.2 per cent, real estate decreased 0.9 per cent and materials lost 0.7 per cent.
General Mills was the top mover, rising 6.0 per cent to hit a new 52-week high. The food company reported revenue and earnings above expectations while full-year profit estimates were less than expected, citing consumers shifting to cheaper brands.
The J.M. Smucker Company, also a food products manufacturer, was up 3.4 per cent and managed care company Molina Healthcare also increased 3.4 per cent.
Conversely, the bottom three movers were all cruise companies.
Carnival fell 14.4 per cent, Royal Caribbean Cruises dropped 10.6 per cent and Norwegian Cruise Line lost 9.8 per cent.
This comes after an investment bank cut Carnival's price target roughly in half whilst saying it could potentially go to zero if there was another demand shock, given its high debt levels.
Tesla decreased 2.5 per cent following media reports that the electric vehicle manufacturer is closing its San Mateo, California office and laying off 200 workers.
Rest of the World
Asian markets were in the red overnight, reversing the previous days' gains.
The Shanghai Composite dropped 1.4 per cent, the Nikkei decreased 0.9 per cent, and the Hang Seng fell 1.9 per cent.
European markets were also in the red. The FTSE declined 0.2 per cent, the DAX slid 1.7 per cent and the CAC lost 0.9 per cent.
Commodities
Gold traded 0.2 per cent lower to US$1,817.1 per ounce, while silver dipped 0.7 per cent to US$20.73 per ounce.
Oil was also in the red, slipping 0.5 per cent to US$111.24 per barrel.
The cryptocurrency market followed suit, with Bitcoin declining 0.9 per cent and Ethereum down 4.1 per cent.
The U.S. 10-Year Treasury rate decreased 10 basis points to 3.112 per cent alongside a nine basis point decline in the 30-year rate, to 3.224 per cent.
New Zealand
The NZX 50 went against the recent run of play, closing Wednesday's trading session down 0.6 per cent.
Overall, there were 50 gainers and 79 decliners on the New Zealand main board during another light trading day. Lower consumer confidence rattled the major United States indices and may have impacted the New Zealand market.
Casino operator SkyCity Entertainment had the index's biggest gains, up 3.9 per cent.
A2 milk supplier Synlait Milk and energy company Vector both rose 2.2 per cent yesterday.
Conversely, Tourism Holdings led the underperformers, down 3.9 per cent. Outdoor retailer KMD Brands (formerly known as Kathmandu Holdings) dropped 3.5 per cent.
Rounding out the bottom movers was financial services firm Heartland Group which declined 3.0 per cent.
A third major bank is limiting the availability of new mortgage pre-approvals following the Reserve Bank of New Zealand's restrictions. Westpac is joining ANZ and ASB in temporarily halting new mortgage lending to borrowers with deposits of less than 20.0 per cent.
Australia
The ASX 200 closed in the red yesterday, falling 0.9 per cent to 6,700.2 points. The index is down 10.0 per cent year to date.
Eight of the 11 sectors also finished in the red. The biggest laggard was Australian real estate investment trusts, down 4.0 per cent. It was followed by information technology and telecommunication services, decreasing 2.8 per cent and 2.2 per cent, respectively.
Comparatively, financials were up 0.3 per cent, now +3.5 per cent across the past five days. Consumer staples and energy also experienced a minor 0.1 per cent rise.
Metals exploration and development company Liontown Resources was the best performer of the index, advancing 5.2 per cent.
The company announced the execution of a binding offtake agreement and funding facility with Ford Motor Company yesterday.
This is the final offtake required to support the development of the company's wholly owned Kathleen Valley Lithium Project, following agreements executed with Tesla and LG Energy Solution earlier this year.
SkyCity Entertainment Group (dual listed on the ASX and NZX) performed well yesterday, rising 3.9 per cent. Rounding out the top movers was gambling company Star Entertainment Group, rallying 3.3 per cent.
The appointment of Robert Cooke as managing director and chief executive officer (CEO) was announced yesterday, subject to gaming regulatory approvals. Cooke is the current CEO of financial technology company Tyro Payments.
Tyro Payments was the largest underperformer of the index following this news, declining 16.7 per cent. The company announced that after five years of service, Cooke has provided his six months' notice that he will be departing his role at Tyro.
Immuno-oncology biotechnology company Imugene continued its downward move from Tuesday, finishing 13.4 per cent lower.
Closing out the bottom movers was online automotive advertiser Carsales.com, regressing 12.1 per cent.
The company completed its institutional entitlement offer, raising roughly AU$842 million at an AU$17.75 offer price per new share. This capital raise will be used to acquire the remaining interest in Trader Interactive.
• For more information on the latest market moves, get in touch with Jarden.
Jarden is advising Tourism Holdings Limited on an agreement to merge with Apollo Tourism and Leisure Limited.
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
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