Marcus Today Pre-Market Podcast – Wednesday 31st January

US equities finished mixed overnight. The NASDAQ fell 0.76% ahead of Microsoft and Google's quarterly results after the closing bell. The S&P 500 closed nearly unchanged, down 0.06%, near the previous day's all-time closing high, while the Dow finished near session highs, up 134 points (+0.35%). US 10Y Treasury yields remained near two-week lows as the market considered unexpected job market strength. The USD Index fell 0.19% to 103.42, consolidating ahead of the Fed decision and the key US jobs data for January. Among stocks, UPS fell 8.2% following a disappointing annual revenue forecast. Conversely, GM rose 7.8% on a positive 2024 earnings outlook and increased capital return commitments to shareholders. Citigroup 5.5% and BofA +3.5% saw gains after receiving rating upgrades from Morgan Stanley, lifting the S&P 500 banks index.

ASX flat. SPI Futures up 1 point (+0.01%).

Tech stocks eased on results. Alphabet down 4% Microsoft down 1.3% and AMD off 3%

• WTI and Brent Crude advanced 1.36% and 0.40% despite concerns around China demand, buoyed by positive global growth forecasts and rising tensions in the Middle East.
• Gold climbed to a two-week high, supported by a softer dollar, up 0.22%.
• 10Y Bond Yield – US 4.041%, Australia 4.153%, and Germany 2.266%.
• China’s Dalian Iron Ore fell 0.56% as sentiment took a hit over China’s struggling property market.
• Base metals higher. Copper +0.75%, Nickel +0.06%, Aluminium +0.53%, Zinc +0.29%, Lead +0.25% and Tin the only laggard off 1.17%.

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