Marcus Today Pre-Market Podcast – Friday 1st December
The Dow hit a new high for the year, up 520 points (+1.47%), driven by a 9.2% jump in Salesforce shares and a moderation in PCE inflation. The S&P 500 gained 0.38%, while the NASDAQ fell 0.23%. October saw a slowdown in PCE inflation measures and a moderation in personal spending, reinforcing expectations that the Fed has finished its tightening cycle, potentially leading to rate cuts in spring 2024. US treasuries lost steam after a historic rally, with the 10Y yield up 7.9bps and 2Y yield up 6.2bps. November marked the strongest performance for the S&P 500 +7.8%, NASDAQ +8.9%, and Dow +8% since late 2022. Among stocks, Nvidia weighed heavily on the S&P 500 and NASDAQ, falling 2.8%. In contrast, data cloud company Snowflake advanced 7.1% on better-than-expected Q4 product revenue forecasts, while Ford slipped 3.1% after setting the cost of a new labour deal at $8.8bn and cut its full-year forecast.
ASX to fall. SPI Futures down 9 points (-0.13%).
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