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US equities closed mixed overnight. The Dow Jones dropped 0.2%, ending at four day winning streak as lower than expected payroll data dragged down sentiment. The S&P500 and the Nasdaq however, both closed in the green, gaining 0.44% and 0.32% respectively.
European markets were all in the green with the STOXX600 up 0.47%.
Our local market rallied yesterday as the energy sector lead the market with strong gains. Paladin Energy (ASX:PDN) and Mineral Resources (ASX:MIN) were among the top performers.
Uranium stocks jumped at the open following news that one of the world’s biggest technology companies had stepped up demand for nuclear power.
The rise came after Meta overnight signed a 20-year contract to buy 1,121 megawatts from Constellation’s nuclear plant, with power supply beginning in 2027. This follows similar deals struck by peers Microsoft, Amazon, and Google parent Alphabet. Nuclear power has emerged as one of the biggest winners from the AI-fuelled surge in electricity needed for data centres. New nuclear reactors are an important source of uranium demand growth. This follows Microsoft’s recent deal to fulfil all AI power needs from a US Nuclear power plant.
Also yesterday, the GSP growth rate was released. GDP grew at 0.2% in the March quarter following a 0.6% expansion in the prior quarter. Markets were expecting a 0.4% rise so the data out today indicating stalled growth.
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