Market Updates
Pre-Market Report – Thursday 18 July: US Markets 'ChipWrecked' - Nasdaq Falls 2.8% SPI Down 43 - DMP Downgrades
Jul 18, 2024
Marcus Today
- Nasdaq, S&P 500 end sharply lower, hit by chips, megacaps; Dow extends rally.
- Trade fears hamper tech stocks, dollar falls amid rate cut talk.
- ASX to fall, Nasdaq tumbles as semiconductor stocks plunge SPI down 43 points
- Chip stocks shed over $500 billion in value on China trade fears.
- Europe's STOXX 600 falls for third straight session as tech drags.
- Top Fed officials say they are 'closer' to cutting interest rates.
- Yen surges on possible intervention, sterling hits one-year high.
COMMODITIES
- Iron ore slumps to three-week low on weak China demand, strong global supply.
- Copper dips as China demand fears balance dollar slump.
- Oil prices gain 2% on big US storage withdrawal, weaker US dollar.
- Gold extends record rally on Fed rate-cut bets, softer dollar.
- Miner Vale sees iron ore output at high-end of 2024 guidance after Q2 rise.
- US crude stockpiles fall sharply, fuel builds, EIA says.
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