Pre-Market Report – Monday 18 November: US markets slip | Powell turns slightly hawkish

US equities sank Friday closing out the worst week in more than two months following Powell's announcement on Thursday stating the Fed wasn’t in a rush to cut rates. The Dow traded lower all session, falling 306 points (-0.70%). Down 400 points at worst. The S&P 500 and NASDAQ booked their biggest one-day loss in two weeks, falling 1.32% and 2.24% respectively. Small caps too were sold off, with Russell 2000 down 1.42% notching its fourth consecutive session of losses, while the VIX, better known as Wall Street’s fear gauge, jumped 14.09% hitting its highest levels since election day last week. For the week Dow -1.24%, S&P 500 -2.08%, and NASDAQ -3.15%. In economics, US retail sales rose 0.4% MonM in Oct-24, coming in higher than expectations of 0.3%. Stocks in pharmaceuticals and packaged food companies came under selling pressure with Moderna dropping 7.34% Pfizer down 4.69%, Monster Beverage off 7.08% and Keurig Dr Pepper losing 5.15%% after Trump said he would nominate Robert F Kennedy Jr to head the Department of Health and Human Services. Bitcoin jumped 4.85%, the USD Index continues to climb, Aussie dollar flat, and US treasuries pared earlier gains.

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• Gold -0.24, falling 1.74% for the week as expectations of a less aggressive rate cut by the Fed lifted the USD denting bullion demand.
• Aluminium rallied 5.54% after China announced it would cancel export tax rebates fuelling concerns that shipments abroad may be reduced.
• Copper gained 0.20% after hitting a three-month low yesterday.
• Base metals closed mixed. Nickel -0.74%, zinc +0.24%, lead -0.20%, and tin -0.97%.
• Uranium performed well, jumping 4.29% after Russia imposed restrictions on exporting to the US, creating supply risks for US nuclear power plants.   
• Iron ore slumped 1.17% to its lowest level in nearly two months, weighed down by weakness in China’s property market and reduced seasonal steel demand.

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