Marcus Today Pre-Market Podcast – Wednesday 7th June
US markets closed in the green overnight, struggling to find traction in an uneventful day of trade, with all major indices closing near session highs. Dow flat up x points (+0.03%). Dow at best up x, and at worst down x points. S&P 500 +0.24% touching a 10-month high during trade, and now almost up 20% since October 2022 lows. NASDAQ +0.36%. Markets are subdued ahead of inflation data and FOMC meeting next week. Inflation is expected to cool MoM, with core inflation data likely to remain elevated. Chances the Fed will hold rates now 75.4%, up from 33.4% one week ago.
Apple extended losses for a second day, down 0.21% after the company unveiled its costly augmented-reality headset to challenge Meta, which currently dominates the market. Coinbase down 12.09% after the SEC sued the exchange accusing it of illegally operating without first registering with the regulator. It is estimated that ~US$790m has been pulled from Binance and its affiliates in the last 24 hours. And against all rationale, Bitcoin held its ground up 5.71%.
Short-dated US treasuries edge higher, USD Index also up, while oil prices fell following news that Saudi Arabia would further cut output. European markets are up across the board, STOXX 50 +0.1%, FTSE +0.4%, CAC +0.1%, and DAX +0.2%. Big week for markets next week, with the Fed, ECB and BoJ all holding meetings.
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