Market Close 18 Sep 24: Market treads water ahead of US rate cut and Aussie jobs data

The ASX saw modest movement today, briefly hitting a new record high but largely treading water ahead of key events. The US Federal Reserve's much-anticipated decision on a potential rate cut is expected to significantly impact global markets, with a possible 50 basis point reduction under consideration. Australian jobs data, set to release tomorrow, will also be closely monitored. On the corporate front, Harvey Norman is facing legal action over allegedly selling unnecessary warranties, while Synlait narrowly avoided bankruptcy through a shareholder-backed capital raise. The materials and healthcare sectors struggled, with miners like BHP and Rio Tinto hit by falling iron ore prices, while utilities and energy stocks performed better due to rising oil prices.   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.

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