Marcus Today Pre-Market Podcast – Wednesday 28th June

Wall Street closes higher overnight, ending near best levels. Dow Jones up 212 points (+0.63%). Dow at best up 261 points, snapping a six-day losing streak. Tech megacaps led the round, with the NASDAQ up 1.65% and the S&P 500 up 1.15%, halting a two-day drop. Upbeat economic data eased recession fears while the dollar softened, and US treasury yields edged higher. European markets up on bets that further stimulus from China is coming. STOXX 50 +0.6%, FTSE +0.1%, CAC +0.4%, and DAX +0.2%. SPI futures up 26 points (+0.37%).

Economic data: Orders for US manufactured durable goods unexpectedly rose 1.7% MoM in May, significantly beating expectations of a 1% fall, marking a third straight month of rising durable goods orders, helping soothe worries over a looming recession. US housing market regaining strength, with sales of single-family homes up 12.2% MoM of 763k, reaching its highest level since February last year, beating consensus of 675k. US June consumer confidence printed at 109.7, well above consensus for 103.9, its highest level since January 2022, reflecting improved current conditions.

• Gold down 0.49%, as US Consumer Confidence climbed to the highest level in almost a year and a half.
• Copper down 0.48% as stimulus packages in China were offset by demand woes.
• Nickel +2.34% Aluminium +1.95% Zinc 2.19%, Lead +1.13%, and Tin +2.24%.
• WTI Crude fell 1.97%, and Brent dropped 2.55% ahead of US consumption data and the possibility of further rate hikes.
• 10-year yield: US 3.77%, Australia 3.94%, and Germany 2.36%.
• VIX down 3.6%.  
• Russell 2000 +1.46%
• Money markets pricing in a 76.9% chance the Fed will hike rates by 25bps at July meeting.
• Meta up 3.8% after Citigroup raised its price target on the stock.

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

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