Market Close 31 Oct 24: Aussie stocks limp over the line as volatile October comes to an end

The Aussie market ended October on a down note, closing 1.3% lower, making it the second-worst month of the year. While financials, tech, and consumer discretionary sectors saw modest gains, other sectors struggled, particularly staples and utilities. In the U.S., stronger-than-expected economic data, like job growth and home sales, has tempered rate cut expectations, with an important jobs update expected soon. Corporate earnings, especially from Alphabet, Microsoft, and Meta, also influenced market sentiment. In Australia, standout performers included Mineral Resources, following a significant deal, and JB Hi-Fi, with impressive growth in New Zealand. Conversely, Woolworths, Coles, and Star Entertainment faced setbacks. Upcoming earnings from major U.S. tech players, alongside inflation and property data in Australia, are key watchpoints for November.   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.