Marcus Today Pre-Market Podcast – Tuesday 10th January

US stocks failed to hold onto the morning rally with the Dow falling in the afternoon after two Fed officials signalled that interest rates could top 5%. The Dow Jones closed down 113 points (-0.34%). At best it was up 305 points, at worst it was down 143 points. The NASDAQ rose 0.63%, supported by gains in Tesla up 5.93% Amazon up 1.49%, and Microsoft up 0.97%. The S&P 500 fell 0.08%. In Europe, STOXX 50 +1.5%, FTSE +0.3%, CAC +0.9%, and DAX +1.4%. SPI Futures are down 10 points.

Copper prices have hit a 6-month high, up 3.1% as hopes for increased demand from the reopening of China. The weakening of the US dollar continues to push the price of commodities up with Zinc up 5% and Aluminium up 5.8%. Nickel fell 2.2%. Gold continuing its rally, up 0.3%. Iron ore also continuing skyward on China demand, up 0.7%. Brent Crude up 1.5% and WTI up 1.25%. Bitcoin had modest gains overnight, up 3.4% after 6 days of gains.

Later in the week, investors will watch for December’s consumer price index report coming Thursday and big bank earnings scheduled for Friday. 

• S&P 500, Nasdaq rise as investors bet on less aggressive rate hikes.
• Global stocks rally to near 4-week highs, oil rises on hopes of 'soft landing'.
• Dollar at 7-month low vs euro on slower Fed rate hike expectations.
• U.S. Treasuries rally as market anticipates Fed pivot.
• European shares rise on China reopening optimism, tech stocks lead gains.
• Oil rises over 1% on demand optimism as China reopens borders.
• US coal prices plunge amid warm winter weather.
• Goldman Sachs readies biggest layoffs since the financial crisis.
• Credit Suisse nears deal to buy Michael Klein's advisory firm .
• Bed, Bath & Beyond rebounds in meme-stock rally.
• Tesla delivery time is longer on some China models after discounts.
• Russia intensifies assaults on Ukrainian salt mining town and eastern front.
• Chinese rush to renew passports as COVID border curbs lifted.
• UK strikes to continue after govt's talks with unions fail.

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