Marcus Today Pre-Market Podcast – Monday 12th February

The S&P 500 achieved a historic milestone, closing above 5,000 for the first time, while the Nasdaq briefly reached above 16,000. Gains were driven by mega-caps and chip stocks. Notably, Nvidia, up 3.6%. The Dow Jones slipped by 55 points, the S&P 500 gained 0.57%, and the NASDAQ Composite rose 1.25% coming within 0.4% of its previous record high set in Nov-21. This marked the fifth consecutive weekly gain for all three indexes, with the S&P up by 1.4%, the Nasdaq rising by 2.3%, and the Dow climbing by 0.04%.

US Treasury yields rose, paring earlier gains, with the 10Y note reaching 4.195%, the highest level since January 25, and the 2Y note hitting 4.499%, the highest since December 13. The yield curve between 2Y and 10Y notes remained slightly inverted at minus 30bps.

ASX SPI Futures unchanged. CAR and JBH results out.

• Base metals mostly lower. Copper -0.32%, Nickel -1.39%, Aluminium -0.34%, Lead 1.17%, and Tin +2.77%.
• Zinc down 1.35% to its lowest level in five months.
• Gold slipped 0.42%, pressured by elevated yields.
• Oil prices settled higher overnight and up ~6% for the week as supply concerns mount. WTI +0.77% and Brent Crude +0.10%.
• 10Y Bond Yields – US 4.173%, Australia 4.167%, and Germany 2.375%.
• Aussie dollar up 0.51% to 65.24US cents, USD Index -0.10%, and Japanese Yen flat.  

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