Kick your legs up, pour yourself a wine, it’s Friday!
Enjoy your weekend.
- ASX closed flattish on Friday, but was up 1pc for the week
- Energy stocks crumbled after crude prices dropped 5pc overnight
- Cathie Wood’s views on AI stocks at the Sohn conference
The ASX reversed early losses to close flattish on Friday. For the week, the benchmark ASX200 index was up 1%.
In New York last night, stocks were mixed as the focus turned to the oil market where crude prices suffered further losses of 5%.
Energy stocks were expectedly the worst performers today, with the sector down 1.5%. Mining and Industrials stocks meanwhile led the winners.
Gold miners like Northern Star (ASX:NST) and Evolution Mining (ASX:EVN) rose around 4%. Carsales (ASX:CAR) was one of the worst large caps, down over 3%.
There were no major economic data releases today, but reports are anticipated later tonight from the APEC summit in San Francisco where PM Albanese is one of the attendees.
Meanwhile, Australia’s leading investor conference, Sohn Hearts & Minds, got under way today at the Drama Theatre, Sydney Opera House.
Ark’s Cathie Wood was one of the big names who attended. Amongst the various topics she touched on, Wood said she was bearish on Google and Nvidia, but was instead favourable on companies that already have real AI expertise.
Woods also said she was still enthusiastic about Tesla, while bullish on Bitcoin.
Elsewhere in the region, Asian stock markets were mostly down today.
Alibaba shares in Hong Kong shaved 10% after the company said it was shelving plans to spin off its clouds business.