Pre-Market Report – Friday 22 Mar: US hits more records, SPI sees a pause

The Dow Jones Industrial Average jumped 269.24 points, or 0.68%, to close at 39,781.37. The S&P 500 advanced 0.32% to end at 5,241.53, while the Nasdaq Composite edged up 0.20% to finish at 16,401.84. Micron Technology jumped 14% on strong earnings and notched its best day since December 2011. The news lifted the semiconductor sector, with Nvidia and Marvell Technology adding more than 1% each. Apple fell 4% on a DoJ antitrust investigation.

ASX to fall though. SPI Futures down 14 points (-0.18%).

• Base metals higher across the board despite a stronger dollar, Copper +0.22%, Nickel +0.20%, Zinc +0.64%, Lead +0.31%, and Tin +2.27%.
• Aluminium up 1.14%, hitting an 11-week high as demand from China improves.
• Oil prices settled lower pressured by weaker US gasoline demand, WTI down 0.97% and Brent Crude off 0.77%.
• Iron ore futures gained ground on renewed hope of further monetary policy easing in China. Dalian Iron ore up 2.48%, and Iron ore advanced 3.71%.
• 10Y Bond Yields – US 4.269%, Australia 4.114%, and Germany 2.402%.
• Currencies - Aussie dollar -0.23% to 65.7c, USD Index +0.18%, Euro +0.31%, and Bitcoin -3.03%.
• Gold eased 0.25%, hitting pause after a strong rally.

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