Pre-Market Report – Friday 9 August US Rallies Hard - ASX SPI up 81 - Results in Focus

Wall Street rallied overnight, ending near best levels after jobless claims fell more than expected, easing concerns that the labour market was weakening too quickly. The S&P 500 rose 2.30%, its biggest daily gain since November 2023. All major sectors finished the green, led by tech stocks, although pharmaceutical stock Eli Lily was the biggest winner, up 9.47% after raising its annual profit forecast. The NASDAQ Composite gained 2.87%, while the NASDAQ 100 rose 3.06%, buoyed by gains in the magnificent seven. The Dow traded higher all session, finishing up 683 points (+1.76%), up 745 points at best. Small firms Russell 2000 also gained 2.42%, and Wall Street's fear gauge, the VIX fell 14.58%. Initial jobless claims fell by 17k to 230k, below expectations of 240k, results were received positively by the market but remain significantly above this year's claim average, signalling a softening jobs market. Treasury yields ticked higher, the 10Y yield up 3.7bps and cryptocurrencies saw a surge, Bitcoin jumped 8.51%.

ASX to rally on the opening bell. SPI Futures up 81 points (+1.06%)

COMMODITIES

• Oil settles up for third straight day on US job data and Mideast tensions.
• Gold rises more than 1% on safe-haven demand, Fed rate-cut optimism.
• Copper steadies on China consumption, interest rate hopes.
• US refiners trim Q3 output amid weaker margins, plant overhauls.

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.