Pre-Market Report – Thursday 26 June: US markets hit wall | Gold steadies

Wall Street recorded a mixed session as the initial euphoria of the Israel-Iran deal wore off and investors weighed Powell’s second day of congressional testimony – it was nothing we had not heard before or weren’t expecting, hardly market moving. S&P 500 flat, Nasdaq up 0.31%. Dow fell steadily throughout the day, but recovered somewhat during the final hour of trading. Ended mid-range, down 107 points. Most sectors negative. Tech the lone major positive standout, after Loop Capital raised Nvidia’s price target to $250, lifting Nvidia 4.3% to record highs while other AI plays, such as Alphabet, also benefited, rising 2.3%.  Healthcare and Financials also recorded more modest gains of 0.1%. Defensives struggled. REITS, Utilities and Staples all fell over 1%. No major corporate news to report, market in limbo at the moment.

Resources gained. Oil steadied after sharp declines following the ceasefire. Dollar rather steady, commodity demand the key driver. Nickel, zinc and tin all rose over 1%.

ASX to fall. SPI futures down 37 points (-0.43%). Gold and oil steady. Jobs data today.

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