Pre-Market Report – Monday 11 November: US markets hit new records | Iron ore falls

Wall Street ended the week higher supported by solid consumer sentiment data and bets that Trump’s pro-growth agenda will fuel corporate America. The S&P 500 rose 0.38% hitting its 50th record high this year and breached over 6,000 during trade before ending the week 4.66% higher, its best weekly performance since November 2023. The Dow Jones ended 260 points higher (+0.59%) and traded over 44,000 for the first time supported by gains in Salesforce +3.60% after reports the company was hiring 1k workers to promote its AI Agentforce tool. Up 428 points at best. Meanwhile, the NASDAQ booked marginal gains and secured its fourth consecutive session win, up 0.09% ending the week up 5.74% its second-best week in 2024. Small caps Russell 2000 advanced 0.71% closing out the week up 8.51% its largest weekly percentage gain since April 2020. In economics, US consumer sentiment rose to a seven-month high of 73 in November, exceeding the forecast of 71. US treasuries mixed. On the longer end of the curve, the 10Y yield is down 2.7bps, while the 2Y yield gained 5.9bps.

ASX SPI down 36 - Iron Ore falls on new Chinese stimulus - IFL - SGP - NEM

COMMODITIES

• Chile's Codelco copper production rises in September, Escondida dips.
• Gold logs biggest weekly fall in over five months on dollar strength.
• Oil settles down 2% on receding hurricane risk, lacklustre China stimulus.
• Copper pulls back on disappointment over China's fiscal support.
• Iron ore falls ahead of China unveiling fresh fiscal stimulus.

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