Pre-Market Report – Friday 31 May: SPI Rallies 50 | Commodities Under Pressure

The Dow Jones Industrial Average slid 330.06 points, or 0.86%, to 38,111.48. The S&P 500 lost 0.6% to close at 5,235.48. The Nasdaq Composite dipped 1.08% to 16,737.08, underscoring the weakness in technology names.

 The Nasdaq Composite and S&P 500 have jumped nearly 7% and 4%, respectively, in May. The Dow has risen 0.8% in the month. All three indexes hit record highs in May.

ASX to rise. SPI Futures up 50 points (+0.65%).

• Base metals lower across the board. Nickel -1.98%, Aluminium -2.86%, Zinc -0.93%, Lead -1.68% and Tin -2.33%.
• Copper fell 2.78% as funds sold off bullish positions.   
• Oil prices are down for a second consecutive session on a surprise jump in stockpiles and the reports of weak demand in the US.  WTI % and Brent Crude %.
• 10Y Bond Yields – US 4.550%, Australia 4.423%, and Germany 2.658%.
• Currencies – AUD +0.02%, USD Index -0.33%, Euro +0.01%, and Bitcoin +1.33%.
• Gold bounced back, up 0.18%, as the dollar and treasury yields slipped.  

Why not sign up for a free trial? Get access to expert market insights and manage your investments with confidence.

Ready to invest in yourself? Join the Marcus Today community.