Marcus Today Pre-Market Podcast – Friday 20th October

Wall Street’s major indexes finished lower overnight after a choppy trading session as the market digested Powell’s comments, and the US 10Y yield approached 5%. The Dow Jones closed 251 points lower (-0.75%). Up 187 points at best. Down 297 points at worst. The S&P 500 notched its third straight loss, down 0.85%, the NASDAQ fell 0.96%, and the Russell 2000 is down 1.15%. Wall Street’s fear gauge the VIX, jumped 8%, and the 10Y treasury yield approached 5% sitting at 4.988%, while the 2Y fell after Powell said the Fed will proceed carefully with rate hikes. Gold firmed for a third consecutive session on safe-haven buying, up 1.28%, and oil prices rose, with Brent up 2.11% and WTI up 1.13% on nagging worries over Middle East conflict. In corporate news, Netflix rose 16.1% following yesterday’s results unveiling sharp subscriber growth, Telsa fell 9.3% after posting its smallest quarterly profit in two years and Blackstone slipped 7.9% after reporting weaker-than-expected results.

ASX to fall. SPI Futures down 45 points (-0.64%).

• Base metals are lower. Nickel -0.22%, Aluminium -0.02%, Zinc -0.51%, Lead -0.19%, and Tin down 0.94%.
• Copper prices rose on firmer economic data from China with hopes for more stimulus to come, up 0.21%.
• 10Y yield: US 4.99%, Australia 4.78%, and Germany 2.93%.
• Gold firms for a third consecutive session as growing concerns in the Middle East sparked safe-haven demand, up 1.28%.

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