Pre-Market Report – Thursday 12th September: US markets rally after CPI and Nvidia

All three major US indexes closed higher overnight, with a rebound in tech stocks offsetting earlier losses following a disappointing inflation report, which crushed hopes for a 50bps cut from the Fed next week. Wide range from Dow overnight. Up 167 points at best. Down 744 points at worst. Finishing up 125 points (+0.31%). The S&P 500 gained 1.07%, it was the first time the index has bounced back from an intraday low of at least 1.5% since October 2022. The S&P 500 Tech Index rose 3.25%, supported by gains in Nvidia up 8.1%, following reports that the US government is considering letting them export chips to Saudi Arabia.

ASX SPI up 50

COMMODITIES

• Putin says Russia considering export limits on uranium, titanium, and nickel to protest Western sanctions.
• China's CATL says plans to adjust lithium production in Jiangxi.
• Vale bumps up 2024 iron ore production forecast, shares rise.
• Peru copper output this year forecast below expectations, deputy minister says.
• Nippon Steel trying to salvage its $14.9bn bid for US Steel.
• Oil recovers on worries about Hurricane Francine.
• US oil stocks build as crude imports rise, fuel demand weakens – EIA.
• Gold falls as CPI data dampens talk of oversized US rate cut.

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