The S&P 500 dropped for a fourth consecutive session on Wednesday, as Nvidia and other struggling technology names put downward pressure on the market. The broad index lost 0.58% to 5,022.21, while the Nasdaq slid 1.15% to 15,683.37. The Dow Jones fell by 45.66 points, or 0.12%, to 37,753.31, despite rising nearly 238 points at its high of the day.
ASX to rise. SPI Futures up 20 points (+0.26%).
- Base metals are higher across the board, supported by a weaker USD and supply concerns. Copper +1.36%, Nickel +3.17%, Aluminium +1.19%, Zinc +2.73%, Lead %, and Tin +3.02%.
- Gold eased 0.92% but traded near record highs hit last week.
- Oil prices fell sharply pressure by a rise in US crude inventories and weak economic data from China, WTI -2.98% and Brent Crude 3.03%.
- Iron ore futures rebounded overnight to hit a more than five-week high in anticipation of pre-holiday restocking by steelmakers in China. Dalian Iron ore +4.95, and Iron ore +5.41%
- 10Y Bond Yields – US 4.589%, Australia 4.326%, and Germany 2.467%.
- Currencies - Aussie dollar flat, USD Index -0.30%, Euro +0.01%, and Bitcoin -4.09%.
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