Marcus Today Pre-Market Podcast – Friday 15th December

Wall Street closed modestly higher overnight, extending weekly gains in the final hour of trade. The Dow added 158 points (+0.43%) to hit an all-time high. Up 197 points at best. Down 39 points at worst. S&P 500 and NASDAQ are both up over 3% for the week so far, advancing 0.26% and 0.19%, while the Russell 2000 is up over 7% for the week, adding another 2.72% overnight. The VIX pulled away from almost four-year lows, up 2.4%, as piles of derivative contracts tied to stock indexes are due to expire tomorrow, which may amplify instability. Benchmark 10Y yields dropped 10.7bps to 3.917%, and the greenback tumbled against a basket of world currencies, USD Index down 0.87%. Meanwhile, retail sales data unexpectedly rose last month, and initial jobless claims came in below forecasts. Though data did little to change rate cut expectations. Among stocks, Adobe fell 6.35% after giving lukewarm revenue forecasts for 2024, and Intel gained 1.37% after announcing new chips for PCs and data centres.

ASX to open higher. SPI Future up 48 points (+0.65%).

• Base metals rallied following a fall in the US greenback. Copper +2.95%, Nickel +2.76%, Aluminium +3.12%, Zinc +2.60%, Lead +1.77% and Tin +2.46%.
• Oil prices extend yesterday’s gains, boosted by a weaker dollar and the IEA lifting its oil demand forecast for next year. Brent Crude +2.95% and WTI +3.07%.
• Dalian iron ore slipped 2.70% after the market digested a lack of new stimulus measures and data that showed weaker-than-expected bank lending last month.
• 10-year yield: US 3.917%, Australia 4.100%, and Germany 2.121%.
• Gold prices touched a 10-day high overnight, up 0.65% as the USD and treasury yields fell for a second consecutive session.

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