Pre-Market Report – Wednesday 19 June: ASX to edge lower. SPI Futures down 8 points (-0.10%).

Wall Street ended higher overnight following softer-than-expected US retail sales data. The S&P 500 recorded its 31st record high of the year, gaining 0.25%. Boosted by Nvidia up 3.5%, surpassing Microsoft (-0.5%) to become the world's most valuable company. Market cap of $3.335T. The NASDAQ was near flat, while the Dow advanced 57 points (+0.15). Up 159 points at best. Down 50 points at worst. The Philadelphia SE Semiconductor index recorded another record high, boosted by gains in Qualcomm +2.2%, Arm Holdings +8.6%, and Micron +3.8% extending their recent rallies. US Retail sales rose 0.1% MonM in May, below the forecast of 0.2%, in another sign that consumer sentiment is cooling. Treasury yields have fallen in five of the last six sessions. 10Y yield down 6.6bps and 2Y yield off 4.9bps.


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