Pre-Market Report – Tuesday 25 June: ASX to rise. SPI Futures up 36 points (+0.47%).

Wall Street ended mixed overnight, losing traction after Nvidia fell 6.7% extending a three-day rout raising speculation that the AI rally powering the bull market is taking a breather. The Dow kicked off the week rallying to a one-month high, though off best levels, up 261 points (+0.67%). Up 421 points at best. The S&P 500 and the NASDAQ fell 0.31% and 1.09% following a rotation out of tech stocks. PHLX Semiconductor Index also fell 3.02%, dragged down by Taiwan Semiconductor Manufacturing, Broadcom, Marvell Technology, and Qualcomm falling between 3.53% and 5.7%. US Treasury yields were largely unchanged, 10Y and 2Y yields easing a touch, ahead of key economic and Inflation data later this week. Quite on the Fed speak front, though Daly struck a bearish tone stating she doesn’t believe the Fed should cut rates before policymakers are confident inflation is headed toward the 2% target. Money markets pricing in a 61.1% chance of a rate cut in September according to CME FedWatch Tool.

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