Marcus Today Pre-Market Podcast – Monday 27th November

Wall Street finished little changed overnight in a holiday-shortened trading day following the Thanksgiving break, with low volume and conviction as markets watch the beginning of seasonal shopping for signs of consumer resiliency. The Dow finished near session highs, up 117 points (+0.33%). Up 126 points at best. The S&P 500 finished flat, and the NASDAQ fell 0.11%. All three indexes notched their fourth consecutive weekly gains. The latest economic data in the US paints a mixed picture, with Manufacturing PMI contracting more than expected and Services rising at a faster pace than expected. US Treasury securities booked some losses, pressuring tech stocks, with Meta, Apple and Microsoft all lower. Among stocks, Nvidia fell 1.9% on delays in the launch of its new China-focused AI chip designed to comply with US export rules.

ASX SPI Futures up 20 points.

• Base metals mixed. Copper +0.25%, Aluminium -0.16%, Zinc +0.45%, Lead -0.90%, and Tin 0.93%.
• Nickel (-2.38%) fell to a two-and-a-half-year low, falling below $16k/t during trade, coming under pressure from a looming market surplus and a build-up on short positions.
• Iron ore +0.28%. Iron ore Futures on the Singapore Exchange is up 10% this month on hopes that Beijing will kick start the property sector.
• Lithium fell 2.25%, hitting a 26-month low after a trial delivery of the metal to Guangzhou Futures indicated a larger-than-expected supply in the world’s top producer of the metal.

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