Marcus Today Pre-Market Podcast – Tuesday 4th July

Wall Street closes higher overnight in a holiday-shortened session kicking off the second half of the year on a positive note ahead of the US July 4th holiday. Dow Jones virtually unchanged, up 11 points (+0.03%). Dow at best up 58 points. Dow at worst down 121 points. S&P 500 gained 4.75 points, up 0.12%, ending at 4,455 points, while the NASDAQ rose 0.21%. Treasury yields edged higher, with a widely watched section of the yield curve hitting its deepest inversion since 1981. The US greenback marginally higher ahead of key US data this week, including June’s payrolls report, while oil prices settled down. Among stocks, shares from rate-sensitive sectors lower after ISM PMI data showed that US manufacturing contracted more than expected. Tesla +6.9% after it said it delivered a record number of vehicles in the second quarter, and shares in heavyweight banks such as Wells Fargo and Goldman Sachs gained 1.7% and 1.3%, respectively, after raising dividends and passing the Feds annual health check.

ASX 200 to open lower. SPI Futures down 1 point (-0.01%).

• Gold continued up 0.1% overnight, due to weaker economic readings from the US.
• Copper rose 2.64% overnight as inventories fell and optimism boosted prices.
• Nickel +0.07% Aluminium -0.09% Zinc +1.32%, Lead +1.6%, and Tin +4.89%.
• WTI Crude fell 1.35%, and Brent dropped 0.6% despite possible production cuts from Saudi Arabia.
• 10Y Bond yields: US 3.85%, Australia 3.98%, and Germany 2.44%.

Coming Up: RBA Interest rate decision Today, FOMC Minutes and both the US and  Australia's Balance of Trade on Thursday, US Unemployment rate on Friday

• Domestic data: RBA Interest Rate Decision.

Catch up on all the latest with Henry Jennings on today’s Pre-Market Podcast.

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