On January 2, 2025, Wall Street experienced volatility, with the Dow Jones falling by 151.95 points (0.4%) and the S&P 500 dropping by 13.08 points (0.2%).

Energy stocks were the largest movers, rising by 1% for the second consecutive day, driven by increased activity among uranium developers.

Among the major banks, all reported positive starts to 2025, with Commonwealth Bank up 0.21% and National Australia Bank increasing by 0.1%.

Major miners also performed well, with Fortescue Metals increasing over 2%, while oil stocks generally rose, led by Beach Energy and Santos.

The Judo Bank Australia Manufacturing PMI fell to 47.8 in December 2024, indicating deteriorating manufacturing conditions for the eleventh consecutive month.

Despite these gains in Australia, Wall Street provided broadly negative cues overnight, with major U.S. indexes closing slightly lower.

In the technology sector, mixed performances were noted, with Afterpay owner Block down more than 2%, while Appen surged over 8%.

The Australian market opened the new year on a positive note, with the S&P/ASX 200 Index gaining 26.40 points (0.32%) to close at 8,185.50 after reaching a high of 8,199.70.

Similarly, the broader All Ordinaries index rose by 44.50 points (0.53%), finishing at 8,465.00.

This upward movement contrasts sharply with a difficult end to 2024, where the ASX 200 fell by 3.28% in December.

The Australian dollar traded at 62.12 US cents, slightly down from the previous day's close, having dipped below 62 US cents for the first time in 26 months.

Top performers on the ASX included Zip Co Ltd, which increased by 3.70%, and St Barbara Ltd, which rose by 4.26%.