Market Close 06 Sep 24: Worst week of the year for energy & mining stocks

CommSec Market Update

The ASX saw a slight recovery today, however, global markets remain nervous ahead of the key U.S. non-farm payrolls report tonight, which could influence interest rate decisions and recession fears. This week, energy and mining stocks in Australia had their worst week of the year, weighed down by lower commodity prices, ex-dividend trades, and concerns over slowing economies in the U.S. and China. While tech giant Nvidia's massive 10% drop this week underscored tech sector volatility, major banks like CBA performed strongly, reaching record highs. Looking ahead, next week will be quieter locally, but critical inflation data from the U.S. and a European Central Bank meeting will shape global market movements.

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