Market Wraps

Morning Wrap: ASX 200 to fall sharply, US stocks record worst month in 5 months

Wed 01 May 24, 8:20am (AEST)

ASX 200 futures are trading 52 points lower, down -0.68% as of 8:30 am AEST.

It was bound to happen. After five months of consistent gains to end 2023 and start 2024, the US equity market recorded a month of losses. A combination of mixed earnings, concerns over the Fed's next move, and rapidly changing market sentiment sent stocks lower yesterday. 2-Year yields hit the highest since November, and are back over the psychologically important 5% level.

On the earnings front - Amazon's AWS business reported its best revenue growth in a year while Pinterest shares surged more than 20% following its earnings beat. On the downside, Starbucks' Q1 results and guidance left a bitter aftertaste in its shareholders' mouths while chip maker AMD reported a near-50% drop in gaming revenues.

Let's dive in.

Overnight Summary

Wed 01 May 24, 8:20am (AEST)

Name Value % Chg
Major Indices
S&P 500 5,036 -1.57%
Dow Jones 37,816 -1.49%
NASDAQ Comp 15,658 -2.04%
Russell 2000 1,974 -2.09%
Country Indices
Canada 21,715 -1.35%
China 3,105 -0.26%
Germany 17,932 -1.03%
Hong Kong 17,763 +0.09%
India 74,483 -0.25%
Japan 38,406 +1.24%
United Kingdom 8,144 -0.04%
Name Value % Chg
Commodities (USD)
Gold 2,302.8999 -2.32%
Iron Ore 117.47 +6.27%
Copper 4.5645 -2.03%
WTI Oil 81.93 -0.85%
AUD/USD 0.6474 -1.42%
Bitcoin (AUD) 92,939 -4.66%
Ethereum (AUD) 4,612 -6.12%
US 10 Yr T-bond 4.686 +1.56%
VIX 15.65 +6.68%

US Sectors

Wed 01 May 24, 8:20am (AEST)

Health Care -0.11%
Consumer Staples -0.42%
Utilities -0.58%
Financials -0.96%
Communication Services -1.49%
Industrials -1.64%
Materials -1.81%
Real Estate -1.84%
Information Technology -2.16%
Consumer Discretionary -2.66%
Energy -2.89%


SPX Tues 30 April 2024
A brutal day of selling ended with an almighty slide in the final hour. (Source: TradingView)


  • Wall Street hit by Fed jitters to close wild April

  • Dow sheds 570 points as stocks seal awful April ahead of Fed interest-rate decision

  • ‘Sell in May and go away’? This year the calendar ‘trick’ overlaps with a Biden-Trump rematch

  • Investors getting jittery about upcoming US presidential election with taxes, tariffs and debt the hot topics

  • Goldman Sachs says momentum traders are modelled to buy equities over next week regardless of market direction


  • Amazon reports strong cloud unit sales on rising AI demand

  • Starbucks posts first sales drop since 2020 during global pullback

  • Binance founder CZ gets four months in prison

  • AMD’s gaming-chip sales drop nearly 50%, stock falls 3%

  • McDonald’s stock bounces as revenue beat, new ‘larger’ burger offset profit miss

  • 3M’s stock surges toward a 14-month high after profit, sales beat expectations

  • Coca-Cola’s Q1 results beat top- and bottom-line estimates, boosted by ‘dynamic backdrop’

  • Eli Lilly’s stock jumps as Q1 profit tops estimates amid strong sales of its diabetes treatments Mounjaro, Zepbound

  • Apple poaches dozens of Google's AI experts, creates secretive European laboratory in Zurich

  • Samsung Electronics returns to profit for first time in two years; says AI demand to drive H2


  • May Fed meeting messaging will revolve around higher for longer

  • Fed tightening impact limited by housing, equity market tailwinds for wealthier Americans

  • ECB's Knot says June rate cut realistic, citing declining inflationary pressure in the Eurozone

  • ECB VP Guindos notes of challenges for the central bank to achieve its inflation goal

  • PBOC takes steps to stop CGB bull market, unlikely to become buyer for now

  • Majority of Bank of Korea board members don't see any rush to cut interest rates


  • US labour costs rise by most in year in sign of wage pressures

  • Eurozone inflation steady in April, paving way for June ECB rate cut

  • Europe's major four economies grow faster than expected in Q1, boosting revival hopes

  • China official non-manufacturing PMI softer than expected, Caixin manufacturing index firmer

  • China's top ruling lawmakers signal support for property and willingness to cut rates

  • Japan industrial production beats, retail sales disappoint, jobless rate unexpectedly steady

  • German retail sales up more than expected in March

  • Taiwan's economy expanded at the fastest pace in almost three years as AI demand boosts tech exports

  • South Korea activity data mostly soft, industrial production posts biggest drop in 15 months


  • Hope rises for renewed Gaza ceasefire as Israel lowers demands, Hamas urged to accept terms

  • ICC told arrest warrants for senior Israeli officials will be met with US retaliation

  • Tesla and TikTok highlight US-China battle of data which is just getting started

Industry ETFs

Wed 01 May 24, 8:20am (AEST)

Name Value % Chg
Steel 68.8393 -1.74%
Lithium & Battery Tech 43.82 -2.45%
Strategic Metals 50.97 -3.04%
Silver 24.05 -3.14%
Copper Miners 45.77 -4.69%
Gold Miners 33.13 -4.72%
Uranium 28.77 -5.30%
Aerospace & Defense 129.85 -0.98%
Agriculture 24.64 -1.83%
Global Jets 20.1 -2.24%
Construction 69.07 -2.43%
Cannabis 5.15 +0.78%
Biotechnology 126.92 -1.13%
Name Value % Chg
Bitcoin 25.61 -6.57%
Hydrogen 5.22 -1.32%
CleanTech 8.685 -1.98%
Solar 40.33 -3.10%
Robotics & AI 29.88 -1.29%
E-commerce 22.83 -1.47%
Sports Betting/Gaming 16.8383 -1.54%
Electric Vehicles 23.25 -1.82%
Video Games/eSports 60.13 -1.89%
Cybersecurity 28.05 -1.96%
Semiconductor 213.99 -2.09%
FinTech 25.02 -2.11%
Cloud Computing 20.17 -2.75%


  • Keep an eye out on Nexgen Energy shares as the dual-listed uranium miner is about to launch a $200 million equity placement.

  • In the meantime, Bapcor is searching for (another) new CEO after Paul Dumbrell said he wouldn't take the job just two days before he was due to start.

  • And in private company news, another airline bites the dust - this time, Bonza entered voluntary administration and its fleet of aircraft has been repossessed.

Key Events

Companies trading ex-dividend: 

  • Wed 1 May: DRA Global (DRA) – $0.11

  • Thu 2 May: WAM Strategic Value (WAR) – $0.022, Waterco (WAT) – $0.07, Acorn Capital (ACQ) – $0.028, Bank of Queensland (BOQ) – $0.17

  • Fri 3 May: None

Economic calendar (AEST):

  • 8:45am – NZD – Unemployment change, unemployment rate

  • 10:30am – JPY – Final manufacturing PMI

  • 4:30pm – AUD – Commodity prices y/y

  • 10:15pm – USD – ADP non-farm employment change

  • 11:45pm – USD – Final manufacturing PMI


  • 12:00am – USD ISM manufacturing PMI, JOLTS job openings, ISM manufacturing prices, construction spending

  • 12:30am – USD – Crude oil inventories

  • 4:00am – USD – Federal Funds Rate, FOMC statement

  • 4:30am – USD – FOMC Press conference

This Morning Wrap was written by Hans Lee and Chris Conway.

Written By

Hans Lee

Senior Editor

Hans is one of the Senior Editors at Livewire Markets and Market Index. He created Signal or Noise and leads the team's coverage of the global economy and fixed income markets.

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