Marcus Today Pre-Market Podcast – Friday 27th October

Wall Street finished lower overnight amid mixed earnings, robust economic data showing resiliency and falling bond yields. The Dow ended near worst levels, down 252 points (-0.76%). Up 69 points at best. Down 292 points at worst. S&P 500 fell 1.18%, edging closer to a correction, with the index now down ~10% from its July peak. The NASDAQ slumped 1.76%, after Meta fell 3.7% on weaker advertising demand despite Q3 results exceeding estimates. US small caps Russell 2000 rose 0.34% and the VIX climbed 2.7%. US Treasurys eased on stronger-than-expected GDP and Durable Goods data. 10Y yield eased 10.6bps and 2Y yield down 8.3bps. Reporting season kicked up a gear, nearing its halfway point with nearly a third of the S&P 500 posting results this week. Among stocks, IBM +4.9% on upbeat earnings and solid demand for its products, UPS fell 4.7% on lowered revenue forecasts, and Amazon dipped 1.5% ahead of results although is up 2.41% in after-hours trade.

• ASX to edge lower. SPI Futures down 3 points (-0.04%).
• Gold up 0.27%, as safe-haven demand helped bullion prices weather pressure from strong US data.
• 10Y yield: US 4.85% Australia 4.87%, and Germany 2.86%.
• Aluminium climbed to a two-week high as demand from China and lower inventories in LME warehouses created momentum before ending down 1.01%.
• Base metals are broadly lower. Copper -0.49%, Nickel -1.15%, Zinc -1.71%, Lead +0.40%, and Tin -2.12%.
• Oil prices fell sharply as fears of a wider Middle East conflict eased. Brent Crude -1.96% and WTI -2.64%.

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