Pre-Market Report – Thursday 5th September: US markets steady | SPI up 2

US equities closed mixed following a choppy trading session as treasury yields slumped on jobs data and Nivida extended its two-day sell-off to 11%. The Dow edged higher, up 38 points (+0.09%). Up 236 points at best. Down 96 points at worst. S&P 500 and NASDAQ closed lower, down 0.16% and 0.30%, respectively dragged down by losses in Energy and Tech stocks. Russell 2000 fell 0.16% and the VIX rose 2.90%. Philadelphia SE Semiconductor index rebounded from its biggest one-day drop since COVID-19, gaining 0.25%. US JOLTS report showed job openings fell to a 3.5-year low in July, signalling an easing labour market, which may further strengthen a greater rate cut by the Fed later this month.

Economic growth slowed across the country while prices rose “modestly” and employers grew more reluctant to hire and choosier about who they selected for job openings, the Federal Reserve reported in the Beige Book.

ASX to inch higher. SPI Futures up 2 points (+0.03%).

COMMODITIES

• Chile's top court rejects Tianqi appeal to halt SQM-Codelco deal, newspaper says.
• Gold rebounds from lows after weak US jobs openings data.
• Copper steadies after hitting three-week low on global growth worries.
• Crude futures settle down by more than $1/bbl on demand fears.
• OPEC+ reportedly discussing delaying planned oil output hike in October, according to sources.
• Citi says average price of oil could drop to $60 per barrel in 2025 due to weak demand and increased supply.

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