Pre-Market Report – Friday 25 October: Dow falls for fourth day | Tech rallies, Tesla jumps 22%

US equities ended mixed, with the S&P 500 and NASDAQ gaining 0.21% and 0.76%, buoyed by gains in Tesla rallying 21.9%, its biggest rally since May 2013, following strong earnings and bullish forecasts. The Dow lost 141 points (0.33%) posting its fourth consecutive day of losses, its longest losing streak since June. Up 8 points at best. Down 323 at worst. Small firms Russell 2000 ticked 0.23% higher, and the VIX eased 0.83%. US treasuries eased a touch. 10Y yield fell 3.4bps to 4.21%, and 2Y yield ended flat at 4.08%. USD Index fell 0.38% while Bitcoin kicked 2.47% higher. On the economic front, US unemployment claims fell by 15k, and the S&P Global US Composite PMI rose to 54.3 in Oct-24, signalling solid business activity growth at the start of the fourth quarter.

ASX SPI up 15 - Quarterlies and QAN.

COMMODITIES

• Oil prices ease on possible new Middle East ceasefire talks.
• Gold climbs on safety rush, supply threat bolsters palladium price.
• Newmont forecasts flat 2025 production, sees costs at similar levels.
• Biden administration approves ioneer's Nevada lithium mine.
• Goldman Sachs raises 2025 aluminum, copper price outlook.
• Global zinc market deficit widens in August, ILZSG says.

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