Pre-Market Report – Friday 17 May: After the Fire Comes the Rain | SPI Down 44

The Dow Jones Industrial Average closed slightly lower Thursday after briefly jumping above 40,000 for the first time. At its high of the day, the blue-chip average reached 40,051.05, the culmination of a bull market that began in October 2022.

Ultimately, the 30-stock Dow ended the day down 38.62 points, or 0.1%, closing at 39,869.38. The S&P 500 fell 0.21%, closing at 5,297.10. The Nasdaq Composite finished the day lower by 0.26%, ending at 16,698.32.

The Dow has climbed nearly 6% in 2024, while the Nasdaq and S&P 500 are up 11% each.

ASX to fall. SPI Futures down 44 points (-0.56%).

• Base metals are broadly higher. Copper +0.13%, Nickel +0.23%, Zinc +0.08%, Lead -0.20% and Tin +0.18%.
• Aluminium is marginally higher, +0.04%, as LME aluminium stocks rise to their highest levels since October 2021.
• Gold slipped 0.44% as the dollar rebounded.
• Oil prices edged higher on positive economic data.  WTI +0.77% and Brent Crude +0.66%.
• 10Y Bond Yields – US 4.377%, Australia 4.219%, and Germany 2.456%.
• Currencies – AUD -0.01%, USD Index +0.15%, Euro +0.01%, and Bitcoin -0.97%.

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