Market Close 11 July 24: Aussie market almost touches record

CommSec Market Update

US markets set their 37th record high of the year, lifting by 1%, positively influencing the Australian market and bringing it close to a record high. Key drivers included comments from US Federal Reserve Chair Jerome Powell suggesting a potential rate cut. All 11 sectors on the Australian market were up, with notable gains in energy, materials, healthcare, and tech. Record highs were hit by companies such as CBA, REA Group, and JB Hi-Fi, despite the latter facing legal issues. Meanwhile, uranium miners soared due to Kazakhstan's tax hike on uranium production. Upcoming US inflation data and earnings reports are expected to further impact market movements.

The content in this podcast is prepared, approved and distributed in Australia by Commonwealth Securities Limited ABN 60 067 254 399 AFSL 238814. The information does not take into account your objectives, financial situation or needs. Consider the appropriateness of the information before acting and if necessary, seek appropriate professional advice.

See omnystudio.com/listener for privacy information.