29 March 2024
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5 things you need to know today

Switzer Daily
3 July 2020

1. Ray Dalio, founder of Bridgewater Associations, has challenged the current state of capitalism, saying that "capital markets are not free markets". Continuing that "today the economy and the markets are driven by the central banks and the coordination with the central government."

2. The value of Australia's All Tech sector has overtaken oil, gas and coal companies, largely driven by the rise of Afterpay and buy now, pay later stocks like Xero. The S&P/ASX All Technology Index has rallied about 90 per cent from its March 23 lows.

3. The US economy gained more jobs than expected last month, causing oil prices and Wall Street stocks to rise.

4. US biotech company, Moderna, whose stock price soared last month after the announcement of a potential COVID-19 vaccine have now dropped over 9% after a delay in vaccine trial. In other health news, the FDA have approved four new Cochlear products.

5. The ASX is tipped to rise after a jump on Wall Street yesterday. The Dow rose 0.36% to 25,827.36, the S&P 500 jumped 0.45% to 3,130.01 and Nasdaq was up 0.52% well over the record 10,000 mark at 10,207.63.

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