Marcus Today Pre-Market Podcast – Thursday 7th December

Wall Street finished lower near worst levels, pulled back by mega-caps and energy stocks after signs of a cooling job market reinforced bets the Fed could start cutting rates early next year. The Dow Jones fell 70 points (-0.19%). Dow up 168 points at best. Dow down 100 points at worst. S&P 500 lost steam amid a slide in energy producers, down 0.39%, with 7 of the 11 sector indices lower led by energy -1.67% and tech -0.76%. The tech-heavy NASDAQ Composite slid 0.58%, and small caps Russell 2000 fell 0.21%. 10Y yields extended their decline down 5.9bps to 4.121%, while the 2Y yield edged slightly higher. ADP employment data provided fresh evidence of labour market weakness following yesterday’s JOLTS report. WTI Oil fell below $70 a barrel -4.13%, its lowest since early July, on demand concerns and increased supply shown in an EIA report. Among stocks, mega cap tech stocks showed weakness, with Google, Apple, and Microsoft losing between 0.6%-1%.

ASX to fall. SPI Futures down 34 points (-0.47%).

• Euro Area retail sales rose by 0.1% in Oct-23, falling short of the expected 0.2% increase.
• Copper fell For a third consecutive session, down 0.73%, touching a two-week low as the USD firmed.
• Dalian Iron ore rose 1.64% on positive economic data and persistently strong demand from China.  
• Golf firms 0.39% as treasury yields ease, stabilising after a rapid fall from a record high earlier this week.
• Lithium down again, off 4.61%.
• 10Y yield: US 4.121%, Australia 4.245%, and Germany 2.199%.
• Brent Crude and WTI sharply lower, down % and % respectively, hitting June lows following EIA reports of a larger-than-expected rise in US gasoline inventories, raised demand concerns.

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