Marcus Today Pre-Market Podcast – Tuesday 31st October

US equities rallied overnight, with all three major indices finishing up more than 1% following last week’s sell-off, kicking off a busy week of earnings reports, economic data and the Fed’s FOMC meeting. The Dow traded in the green all day, finishing near best levels, up 511 points (+1.58%). S&P 500 rose 1.2%, and the NASDAQ gained 1.16%, buoyed by gains in mega-cap tech stocks, Alphabet +1.9%, Meta +2.0% and Amazon +3.9%. Earnings season has reached its halfway point, with 251 companies in the S&P 500 reported earnings. Oil prices settled more than 3% lower as fears eased over the Middle East war disrupting supply from the region. On the corporate front, McDonald’s rose 1.7% on better-than-expected results, driven by demand for its affordable food, and Tesla dipped 4.8% after supplier Panasonic Holdings said it cur automotive battery production in September, reaffirming concerns of a global EV slowdown.

ASX to rise. SPI Futures up 29 points (+0.43%).

• Base metals are mostly higher. Nickel +0.85%, Aluminium +1.94%, Zinc -0.24%, Lead +0.19%, and Tin +0.20%.
• Copper up 0.26%, hitting four-week highs due to steadying growth in China.
• Brent Crude -2.65%, and WTI fell 3.50% as supply fears eased.
• 10Y yield: US 4.88%, Australia 4.93%, and Germany 2.82%.
• Gold is down 0.51%, hovering around the key $2,000 level.

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