Marcus Today Pre-Market Podcast – Monday 15th January

Wall Street closed mixed overnight, with the Dow Jones closing 118 points lower (-0.31%), while the S&P 500 and NASDAQ remained mostly unchanged. Markets grappled with the impact of corporate quarterly results and softer-than-expected PPI data. BofA (-1.1%) and Wells Fargo (-3.3%) fell as their results fell short of estimates, while JPMorgan, despite posting upbeat results, lost 0.7%. UnitedHealth fell 3.36%, and Delta Airlines sank 8.9% after adjusting its 2024 earnings forecast downward. Tesla also saw a 3.7% drop following the announcement of a production halt in its Berlin plant due to conflicts in the Red Sea. Citigroup, gained 1% after revealing plans to reduce its workforce by 10%.

ASX SPI Futures up 5 points.

• Base metals broadly slipped on a firmer dollar. Copper -0.38%, Nickel -0.58%, Aluminium -0.69%, Zinc +0.70%, Lead -1.30% and Tin up 1.61%.
• Gold rallied 0.96% on safe-haven buying following an escalation in conflict in the Middle East.
• Iron ore off 1.17%. China iron ore imports in 2023 hit a record high, up 6.6% YonY.
• Brent Crude up 0.80%, and WTI advanced 1.09% as an increasing number of oil tankers diverted course from the Red Sea following overnight air and sea strikes by the US and Britain on Houthi targets in Yemen.
• 10Y Bond Yields – US 3.945%, Australia 4.078%, and Germany 2.153%.

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