Pre-Market Report – Monday 24 February: US markets turn nervous | Results continue

Wall St fell heavily overnight, it’s worst session in nearly a month. Dow Jones down 749 points, closing near the low. S&P 500 down 1.71% and the Nasdaq worst. Off 2.2%. S&P 500 and Nasdaq down 1.66% and 2.51% for the week.  Consumer spending concerns grew and traders focused on tariff fears after Composite PMI numbers fell to the lowest level in over a year. 

SPI down 64 - Results Continue

• Gold dropped a touch on profit taking but still managed a 1.9% weekly gain. Global gold stocks had a worse session. Sentiment potentially impacted by NEM (-5.7%) falling on results. The more tariff uncertainty, the better bullion will perform.
• Oil took a tumble. WTI down 3% after rising for most of the week. Blamed on Ukraine peace deals and reduced Middle-East risk.
• Copper gained on both the LME and CME. The copper market’s deficit fell from 124,000T in November to 22,000T in December.

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