Pre-Market Report – Monday 23 September: US markets mixed | SPI down 68

Wall Street finished mixed Friday, following the previous day’s rally fuelled by the Fed’s upsized interest-rate cut. The Dow nudged higher by 38 points (+0.09%) reaching a record thanks to Nike's gains (+6.84%), while the S&P 500 fell 0.19% and the Nasdaq eased 0.36%. For the week, the S&P gained 1.36%, the Nasdaq 1.49%, and the Dow 1.62%. The session was marked by high trading volume due to "triple witching," with approximately $5.1 trillion in derivatives expiring. Fed commentary reflected divergent views. Waller suggested a willingness for another 50bps cut if economic conditions deteriorate, while Bowman maintained a hawkish stance and warned against premature policy shifts in light of persistent inflation pressures.

ASX SPI down 68.

COMMODITIES

• Nippon Steel to sell $211m in assets to manage debt amid U.S. Steel deal.
• US to award $3bn to 25 projects for battery manufacturing sector.
• Gold breaks $2,600 barrier as Fed cut bets prolong historic run.
• Copper pulls back from two-month peak on firm dollar.
• Oil ends week higher as investors take stock of Fed rate cuts.

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