Market Updates

The tech-heavy Nasdaq dropped 0.39% to end at 25,366.09, while the Dow Jones Industrial Average shed 189.40 points, or 0.36%, to 52,297.09. The S&P 500 fell 0.35% and closed at 7,592.40.
Nvidia shares dipped more than 4% to touch a 52-week low after the company announced that Huang had resigned and named CFO Colette Kress as interim CEO. This comes after Huang reportedly had an affair with an alleged Chinese spy.
While the stock posted a loss on the day, selling pressure had eased considerably from earlier in the session. Shares were down double digits at one point after the announcement.
SPI down 61 - Gold falls - Oil rises - Yields jump
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The ASX 200 once again fought back early losses to close down just 6 points at 9,147, with the banking sector once again holding firm as CBA rose 2.9% and WBC rose 1.9%. We also saw gains in the REITs, with SCG up 0.6% and CHC also doing well on an update. Healthcare stocks rose, led by CSL up 1.4% and RMD up 1.8%. Industrials were somewhat mixed, with TCL up 1.4% and TLS up 0.8%, but ALL falling 1.3% despite solid results. Tech stocks were better, led by XRO, which had a good day following a guidance update and a buyback announcement. WTC fell 1.2%, and the All-Tech index fell slightly.
Weakness again in resources kept things in check, with BHP down 1.3% as its CFO steps down, RIO down 2.1%, and FMG down 2.4%. Rare earth and lithium stocks gave back some of the gains in recent days, with PLS down 8.1% and MIN down 5.2%. Gold miners too fell after the bullion price slipped below $4,000: NST down 2.2%, EVN down 4.2%, and NEM down 2.8%. In the oil and gas space, WDS and STO both rose slightly, and uranium stocks were under a little pressure as PDN announced a $525m capital raise at $7.80.
In corporate news today, CHC raised guidance. XRO is also in the same boat, with GYG maintaining forward guidance at its AGM. In takeover news, GEM saw a 26-cent bid, and the stock is responding very positively. DMP did well following a sales update late last night, and ORI posted its highest earnings in more than 15 years. Nothing on the economic front, as all eyes are on Nvidia and the future of its CEO.
Asian markets mixed, Japan down 0.2%, CSI 300 up 0.1% and HK down 0.9%
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US stocks gained on Wednesday as strong results from CoreWeave drove markets to reconsider their skepticism on the AI trade. The S&P 500 rose nearly 1% and the Nasdaq gained almost 2%, while the Dow hovered above the flatline. CoreWeave shares surged 15% after posting strong sales growth and upgrading its guidance, easing concerns over its debt levels that served as a bellwether for the cloud-computing sector. Meanwhile, reports indicated strong oversubscription for Anthropic’s IPO expected by next week, which now targets a valuation of $1.5 trillion, supporting AI companies. Nvidia, Broadcom, AMD, Intel, and Micron rose up to 7%. Other sectors were steady, with thin trading as the Veterans Day holiday had fixed-income security exchanges closed. Corporate yields surged yesterday after a hot inflation reading consolidated bets of multiple rate hikes by the Fed next year.
SPI down 37 - Gold slides below $4000 - AUD at seven month low - XRO results - ORI numbers.
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The ASX200 shrugged off U.S. volatility to close up 24 points at 9,153 (0.3%). Resources rebounded strongly from early losses, with BHP up 0.9% and lithium stocks also finding some buyers, with PLS up 6.5% and LYC up 1.6%. Oil and gas stocks pushed higher, led by WDS up 0.5% and STO up 1.2%. Gold miners shrugged off early losses to be mixed, with GMD up 1.3%, EVN up 1.3%, but NEM down 2.5%. Uranium stocks, too, fought back from early losses, with PDN up 0.2%.
The banks were mixed, with CBA down 1.2% following a quarterly update. ANZ rallied 1.4%. Insurers were also better, with QBE up 0.8%. MQG fell slightly, and GQG plunged 19.6% on the latest funds under management numbers, showing money still leaking out the door. Reits were mixed, with GMG up 0.9% and the SGP down 0.9%. Industrials, though, were generally firmer, with BXB up 0.6%, CPU up 0.7%, and REA doing well with an 0.6% rise. Supermarkets were flat, and retail was mixed, with WES up 0.8%. Technology stocks firmed despite Wall Street weakness, with WTC up 2.5%, XRO up 1.8%, and the All - Tech index rising 0.9%.
In corporate news today, we saw IEL do very well on the back of a potential bid from Brookfield at $3.00. Saw bargain hunters back in after the falls yesterday, and PXA fell 3.4% after it slashed forward guidance. ADH also slipping 2.0% after it flagged a more challenging consumer environment. CBA results landed with a ‘ho’ and a ‘hum’, showing once again a solid set of numbers, but somewhat uninspiring.
On the economic front, we did see the new home loans slumping in its biggest fall on record. We also saw CBA mortgage arrears at the highest in 14 years.
Asian markets mixed, Japan up 1.3%, CSI 300 down 0.3% and HK down 0.8%
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The S&P 500 lost 0.38% to end at 7,520.93, while the Dow Jones Industrial Average declined 157.86 points, or 0.30%, to 52,231.89. The Nasdaq Composite fell 0.74% and closed at 25,065.87.
Nvidia dragged down the three major averages, falling more than 5%. The stock sat out Monday’s tech-fueled rally following CEO Jensen Huang’s admission over the weekend to an affair with an alleged Chinese spy.
The consumer price index rose 0.4% in October, above the gain of 0.3% that economists polled by Dow Jones expected. Core CPI — which excludes volatile food and energy costs — increased 0.3% in October, whereas economists had called for a 0.2% advance. Annual figures were not be provided for Tuesday’s report because of the 2025 government shutdown.
Treasury yields jumped as traders reacted to the report, fearing that interest rate increases could now be more likely in 2027. The 10-year Treasury note yield in particular advanced back above 5% before later moving just below that level.
SPI down 48 - CBA quarterly - Gold eases - Anthropic files in Australia.
Marcus Today – Daily Market Insights
Marcus Today provides clear, practical commentary for self-directed investors – covering markets, portfolios, education, and decision-making without the noise.
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MT20 – Managed ETF Portfolio
A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing.
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Principles – How We Think About Investing
A short video series on timing, behaviour, and decision-making. No stock tips.
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Disclaimer
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