Marcus Today Pre-Market Podcast – Friday 23rd December

The Dow Jones Industrial Average fell 348.99 points, or 1.05%, to 33,027.49 — after falling as much as 803.05 points earlier in the session. S&P 500 declined 1.45% to 3,822.39. Meanwhile, the Nasdaq Composite was 2.18% lower at 10,476.12.

This decline follows a 526-point rally in the Dow on Wednesday after better-than-expected earnings from Nike.
So far in December, the Dow is down 4.52%, while the S&P 500 and Nasdaq have tumbled 6.32% and 8.65%, respectively.

In commodities, base metals are mostly down as the US dollar climbed. Zinc, tin, and copper were the biggest losers falling 1.9%, 1.08%, and 0.84%, respectively while lead and aluminium rose 0.1% and 0.59%. Copper prices are down ~15% this year as demand eroded and data suggests interest rates will remain higher for longer applying pressure on growth. Brent crude and WTI are both down 0.95% and 0.69%. BHP and RIO are also both down 2.04% and 0.72%, respectively, in ADR terms. Gold fell 1.1% and bitcoin held steady up 0.08%

HEADLINES

• ASX set to dive 1.5pc, following Wall Street’s plunge.
• Low weekly jobless claims underscore U.S. labor market tightness; Q3 growth revised up.
• Wall Street dives amid Fed rate hike worries, chipmaker woes.
• Short sellers gain nearly $304 bln after tumble in U.S. stocks.
• Tesla shares tank after doubling U.S. discounts on key models.
• Twitter's top global policy official departs as layoffs continue.
• FTX founder Bankman-Fried released on $250 mln bond at U.S. court appearance.
• Oil falls as rate hike fears outweigh tighter U.S. stockpiles.
• Global steel output falls 2.6% yr/yr in November.
• Gold drops over 1% after U.S. data lifts prolonged Fed hike hopes.
• Shanghai hospital warns of 'tragic battle' as COVID spreads.
• Putin says Russia wants end to war in Ukraine.
• U.S. Senate passes $1.66 trillion spending bill, sends to House.
• Fed's balance sheet drawdown could sunset next year.

Catch up on the latest news with Henry Jennings’ Pre-Market Podcast.

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