Morning Report 05 Aug 25: Dip buying drives S&P 500 to best day since May

Wall Street notched its best day since May, with the S&P 500 jumping 1.5% as weaker US payrolls boosted hopes for rate cuts. Investors took the soft jobs data as a sign that the Fed may ease policy sooner than expected. Meanwhile, Tesla rallied after news of a $30 billion pay deal for Elon Musk, while Spotify shares climbed on news of premium subscription price hikes. In retail, American Eagle soared over 20%, driven by Sydney Sweeney’s viral campaign and a surprise endorsement from Donald Trump. On the commodities front, oil prices fell as OPEC raised output, easing supply concerns and pressuring energy stocks. Back home, the ASX is set to open higher, with investors awaiting job ads and spending data for local economic cues. 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.