Pre-Market Report – Friday 19 July: Dow Drops 500 Plus - SPI down 87 - Risk Off as Volatility Increases.

The Dow Jones Industrial Average slid 533.06 points, or 1.29%, closing at 40,665.02. The S&P 500 dropped 0.78% to end at 5,544.59. The technology-heavy Nasdaq Composite lost 0.70%, closing at 17,871.22.

All but one of the 11 sectors that comprise the S&P 500 traded lower, while nine out of every 10 Dow members also saw losses. Even the small-cap focused Russell 2000, which has run up amid expectations for forthcoming interest rate cuts, dropped about 1.9%.

ASX SPI Futures down 87 points

COMMODITIES

• Oil prices steady as US rate-cut hopes contend with economic slowdown signals.
• Fed rate-cut hopes keep gold near record levels.
• Dalian iron ore falls on weakening steel market; focus on Third Plenum.
• Copper output from Chile's Codelco this year to top 2023, chairman says.
• Exxon clash with Chevron hinges on change of control of Hess' Guyana asset.
• Fed rate-cut hopes keep gold near record levels.
• OPEC+ unlikely to change oil output policy at Aug 1 JMMC meeting.
• Price of China's strategic germanium hits record high on possible state buying.

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