Pre-Market Report – Tuesday 19 November: US markets mixed | Tesla up on Trump move

US equities finished mixed overnight, as the S&P 500 and NASDAQ gained 0.39% and 0.60% respectively recovering some losses ahead of Nvidia’s quarterly earnings on Wednesday. The Dow dipped 55 points in a range bound trading day. Up 61 points at best. Down 147 points at worst. The tech sector found buyers with Apple up 1.3%, Netflix up 2.8% and Tesla rose 5.6% on reports that Trump's team is exploring regulatory easing for self-driving cars. Market sentiment remains cautious following Powell’s comments on holding off rate cuts last week while attention has shifted to Trump's cabinet picks. US treasuries edged lower, 10Y yield off 2.4bps and the 2Y yield lost 1.9bps. USD Index fell 0.44% after hitting a more than one-year high last week, and Bitcoin topped $91k.

Consumer discretionary has rallied around 10% in November, making it the best-performing S&P 500 sector during the period.  Tesla is up around 36% since the election!

ASX to inch higher. SPI Futures up 9 points (+0.11%).

• WTI jumped 3.16% following news that production at Norways Johan Sverdrup oilfield had been halted adding to earlier gains from an escalation of the Russia-Ukraine war.
• Gold up 1.89% following six consecutive days of losses after the USD’s rally halted.
• Copper up 0.71% on a weaker USD, but gains were limited by uncertainty about US tariffs and China stimulus.
• Lead surprised, rising 1.64% despite a 27% jump in LME inventories and aluminium dropped 1.69% on some profit-taking after rallying 5.54% on Friday following China’s announcement that it would cancel tax rebates for exports of aluminium.
• Uranium up 0.61% and Iron ore gained 1.90%.

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