Marcus Today Pre-Market Podcast – Thursday 6th July

US stocks closed lower overnight following July 4th Independence Day holiday as the market digests the latest FOMC meeting minutes, trade barriers from China and oil output cuts from OPEC+. The Dow Jones closed down 130 points (-0.38%). Dow at worst down 191 points. S&P 500 down 0.2% NASDAQ fell 0.18, and the VIX rose 3.5%. Chip stocks fell after China said it would control exports of some metals widely used in the semiconductor industry as tensions rise between Beijing and Washington over access to high-tech microchips. Intel shares fell 3.3%, and the Philadelphia SE Semiconductor Index fell 2.2%. US treasuries edged higher after a softer-than-expected reading on US-made goods, and the US greenback gained as the likelihood the Fed raises rates by another 25bps at its next meeting rises to 88.7%.

• ASX to open lower. SPI Futures down 37 (-0.51%).
• China's chipmaking export curbs 'just a start', Beijing adviser warns before Yellen visit.
• US says it opposes export controls by China on metals, will consult allies.
• Yellen's China visit aims at 'new normal' with Beijing.
• A united U.S. Federal Reserve agreed to hold interest rates steady at the June meeting.
• New orders for U.S.-made goods increased less than expected in May.
• Euro zone business activity contracts in June -PMI.
• MSCI's global equities index lost ground on weaker-than-expected overseas data.
• ChatGPT, the AI chatbot, saw monthly traffic decline for the first time in June.
• Russia-Saudi oil cooperation is still going strong as part of the OPEC+ alliance.
• Exxon signals sharp profit drop, cites low natgas prices, refining margins.

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