Marcus Today Pre-Market Podcast – Wednesday 12th July

US markets closed higher overnight, extending gains for the second session and ending just off best levels after rallying the last hour of trade. Dow Jones up 317 points (+0.93%). Dow at best up 344 points. S&P 500 up 0.67% (+16.09% YTD). NASDAQ up 0.55%. Markets await US CPI data tomorrow and the official start of Q2 reporting season on Friday with the banks, which are expected to report higher profits in Q2 as rising interest payments offset a reduction in dealmaking. US 10Y yield fell 2.8bps to 3.978%, having broken below 4% the day before, while the 2Y yield rose 2.5bps, and the USD Index fell 0.24% to 101.66. Among stocks, Amazon rose 1.3% with its “Prime Day” 48-hour discount shopping event going this week, and Salesforce shares are up 3.9% after the firm said it would increase prices of some of its cloud and marketing tools for the first time in seven years.

• Russell 2000 +0.96%
• The likelihood that the Fed raises rates remains unchanged at 93%, up from 86.8% last week.
• Microsoft +0.2% gets US judge approval for US$69bn deal to buy videogame maker Activision Blizzard. FTC has until Friday to appeal the decision.
• Google 0.7% get hits with class action, which accuses Google’s data scraping of violating privacy and property rights.
• Energy stocks best-performing sector in the S&P 500, jumped along with sharply higher oil prices.
• Gold dropped 18%, slipping to a 2-month low ahead of US inflation tonight.
• Copper -0.64% Nickel -0.76% Zinc flat, Lead flat, Tin flat.
• WTI Crude and Brent gained 2.49% and 2.08% as OPEC announced that Global energy demand will increase by 23% by 2045.
• 10Y Bond yields: US 3.98%, Australia 4.17%, and Germany 2.65%.

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

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