Market Wraps

Morning Wrap: ASX 200 to rise, S&P 500 and Nasdaq finish flat as bond yields tick higher

Tue 09 Apr 24, 8:36am (AEST)

ASX 200 futures are trading 36 points higher, up 0.45% as of 8:30 am AEST.

Major US benchmarks finished flat overnight ahead of key inflation data later this week, gold prices settle at another all-time high but shares in gold miners eased, Bitcoin prices add another 3% overnight and within an arms reach of recent highs, Ansell receives a number of broker upgrades following its $400m capital raise to acquire Kimberly-Clark's businesses and the ASX is set to open higher on Tuesday after falling 1.3% in the past week.

Let's dive in.

Overnight Summary

Tue 09 Apr 24, 8:20am (AEST)

Name Value % Chg
Major Indices
S&P 500 5,202 -0.04%
Dow Jones 38,893 -0.03%
NASDAQ Comp 16,254 +0.03%
Russell 2000 2,074 +0.50%
Country Indices
Canada 22,260 -0.02%
China 3,047 -0.72%
Germany 18,319 +0.79%
Hong Kong 16,733 +0.05%
India 74,743 +0.67%
Japan 39,347 +0.91%
United Kingdom 7,943 +0.41%
Name Value % Chg
Commodities (USD)
Gold 2,351.0 +0.24%
Iron Ore 102.68 +2.71%
Copper 4.276 +0.94%
WTI Oil 86.43 -0.55%
AUD/USD 0.6603 +0.46%
Bitcoin (AUD) 108,541 +3.91%
Ethereum (AUD) 5,580 +8.41%
US 10 Yr T-bond 4.424 +1.05%
VIX 15.19 -5.24%

US Sectors

Tue 09 Apr 24, 8:20am (AEST)

Real Estate +0.82%
Consumer Discretionary +0.75%
Utilities +0.64%
Financials +0.39%
Materials +0.03%
Communication Services -0.02%
Consumer Staples -0.18%
Industrials -0.21%
Information Technology -0.32%
Health Care -0.38%
Energy -0.63%


S&P 500 intraday
S&P 500 slightly lower amid a relatively range bound session (Source: TradingView)


  • S&P 500, Dow and Nasdaq hovered around breakeven amid a range bound session while the small cap Russell 2000 outperformed

  • Relatively quiet start to the week ahead of US inflation and first quarter earnings season

  • Bond yields continued to creep higher, with the US 10-year up 21 bps in April as a firmer US growth backdrop seems to be getting more attention 

  • Both gold and copper settled higher and reversed early declines of around 1%

  • Bitcoin rallied 3.3% to US$71,600 and less than 3% away from recent highs 

  • Wells Fargo raises year-end S&P 500 target to 5535 from 4625 citing political outcomes that support more M&A, a multi-year easing cycle ahead and further margin growth (Reuters)

  • US banks to kick off first quarter earnings season on Friday, with JPMorgan, Citi, State Street and Wells Fargo all reporting (IG)

  • Traders eye 4.5% yield threshold as next test with attention on CPI data (Bloomberg)

  • Investors continue to reduce bets on Fed rate cuts, now pricing in just two by the end of 2024 (FT)

  • Global stock market concentration hits highest in decades, raising risk for passive investors (FT)

  • Oil market will get 'extremely tight' in 2H24, says Citadel (Bloomberg)

  • AI demand could lift copper demand by 1m tons by 2030, says Trafigura (Reuters)

  • Driving force behind gold rally still unclear with sticky inflation and geopolitics the top contenders (Bloomberg)


  • ASX 200 set to open higher after falling 1.37% in the last five sessions

  • Sub-sectors that performed positively overnight include lithium, copper, airlines, steel and fintech while sub-sectors such as uranium, gold miners and energy stocks eased

  • Mineral Resources sold 31.5m Develop Global shares at $2.00 per share or 13% of the company to raise cash (AFR)

  • Platinum Asset Management reports 31-Mar funds under management of $15.46bn vs. $15.56bn at 29-Feb (PTM)


  • Ansell upgraded to Buy from Hold; target increased to $30.85 from $26.0 (Jefferies) 

  • Ansell upgraded to Outperform from Underperform; target increased to $26.70 from $25.40 (CSLA)

  • Flight Centre downgraded to Sell from Neutral; target cut to $18.30 from $20.10 (Goldman Sachs)

  • Elders upgraded to Add from Hold; target increased to $9.00 from $7.40 (Morgans)

  • MinRes downgraded to Neutral from Buy; target cut to $70 from $72 (BofA)

  • Nickel Industries downgraded to Neutral from Buy; target cut to $0.90 from $1.0 (BofA)

  • Regis Resources upgraded to Neutral from Sell; target up to $2.15 from $1.90 (UBS)

  • Sandfire Resources downgraded to Neutral from Buy; target up to $9.35 from $8.85 (UBS)

  • Whitehaven upgraded to Buy from Neutral; target increased to $8.70 from $6.30 (UBS)


  • 99 Cents Only Stores files for bankruptcy (Bloomberg)

  • Alibaba slashing cloud prices globally (Bloomberg)

  • Google planned acquisition of HubSpot likely sparks antitrust challenges (Reuters)

  • Taiwan Semiconductor’s Arizona subsidiary will receive up to US$6.6bn from the Biden Administration to support semiconductor manufacturing in the US (CNBC)

  • Tesla will unveil its robotaxi concept on 8 August (Bloomberg)


  • Hamas reportedly rejects latest ceasefire deal (Times of Israel)

  • Netanyahu confirms there is a set date for Rafah invasion (Reuters)

  • Russia claims Ukraine attempted to strike nuclear power plant with drone (Reuters)

  • Yellen warns China on aiding Russia's war in Ukraine and ready to sanctions Chinese banks (CNBC)

  • Yellen says US has taken major steps to stabilise relations with China with relationship on stronger footing (FT)

  • Biden to warn China about increasingly aggressive activity in the South China Sea this week during summits (FT)


  • Japan real wages sink for 23rd consecutive month amid higher inflation (Bloomberg)

  • Japan service sector sentiment drops in March as bad weather dampens consumer mood (Reuters)

  • German industrial production posts surprise beat, led by construction (Bloomberg)

  • OECD data shows food inflation across advanced economies drops to its lowest level since before Ukraine war (FT)

  • Chinese spending surges during recent long holiday spending, surpasses pre-Covid levels (Reuters)

Industry ETFs

Tue 09 Apr 24, 8:20am (AEST)

Name Value % Chg
Strategic Metals 53.46 +2.37%
Copper Miners 45.5 +1.93%
Steel 73.39 +1.83%
Lithium & Battery Tech 45.73 +1.69%
Silver 25.4 +1.48%
Uranium 30.35 -0.62%
Gold Miners 33.6 -0.71%
Global Jets 20.33 +1.04%
Aerospace & Defense 131.07 -0.21%
Construction 73.54 -0.24%
Agriculture 24.88 -0.80%
Cannabis 5.15 +0.78%
Biotechnology 132.67 +0.12%
Name Value % Chg
Bitcoin 31.49 +6.71%
Hydrogen 5.78 +1.94%
Solar 43.74 +1.41%
CleanTech 9.31 +0.76%
FinTech 27.09 +1.69%
Video Games/eSports 61.88 +0.88%
Electric Vehicles 24.46 +0.82%
Cloud Computing 21.43 +0.37%
Semiconductor 222.2 +0.26%
Robotics & AI 30.77 +0.23%
E-commerce 23.56 +0.13%
Cybersecurity 29.35 -0.10%
Sports Betting/Gaming 17.79 -0.45%

Key Events

Companies trading ex-dividend: 

  • Tue 9 April: Brickworks (BKW) – $0.24

  • Wed 10 April:

  • Thu 11 April:  Cosol (COS) – $0.01, Duxton Water (D20) – $0.036

  • Fri 12 April: Kogan (KGN) – $0.075

  • Mon 15 April: WAM Active (WAA) – $0.03, Cadence Capital (CDM) – $0.03, SDI (SDI) – $0.015, New Hope (NHC) – $0.17

Other ASX corporate actions today: 

  • Dividends paid: None

  • Listing: None

Economic calendar (AEST):

  • 11:30 am: Westpac Consumer Confidence (Apr)

  • 12:30 pm: NAB Business Confidence (Mar)

Written By

Kerry Sun

Content Strategist

Kerry holds a Bachelor of Commerce from Monash University. He is an avid swing trader, focused on technical set ups and breakouts. Outside of writing and trading, Kerry is a big UFC fan, loves poker and training Muay Thai. Connect via LinkedIn or email.

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