Pre-Market Report – Wednesday 23 April: US markets rally hard | Trump not going to sack Powell

Wall Street bounced back to end a four-day losing streak as markets responded positively to quarterly earnings reports and hopes of a de-escalation in US-China trade tensions. S&P 500 up 2.51%, NASDAQ up 2.71%. Dow steadily rose throughout day and ended near high. Up 1017 points. All sectors green. Financials led the charge. All major names up 2.9% or more. Followed by Consumer Cyclicals. Amazon (+3.5%) and Tesla (+4.6%) largest names in sector. Tesla was up ahead of earnings release – better than expected, up over 5.5% in after hours trading. 3M Co up 8.3% after beating analyst consensus. Verizon recovered from an initial drop to finish up 0.61% as markets weighed mixed earnings results. Resources mixed. Oil up 1.3% on new US sanctions on Iran. Copper climbed further to hit new two-week high. Iron ore down as India imposed temporary 12% tariff on certain steel imports from China.

ASX to rise. SPI futures up 100 points (+1.28%). Dow futures kick again on Trump's comments on Powell.

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