Marcus Today Pre-Market Podcast – Thursday 7th December

12/06/23 • 15 min

Wall Street finished lower near worst levels, pulled back by mega-caps and energy stocks after signs of a cooling job market reinforced bets the Fed could start cutting rates early next year. The Dow Jones fell 70 points (-0.19%). Dow up 168 points at best. Dow down 100 points at worst. S&P 500 lost steam amid a slide in energy producers, down 0.39%, with 7 of the 11 sector indices lower led by energy -1.67% and tech -0.76%. The tech-heavy NASDAQ Composite slid 0.58%, and small caps Russell 2000 fell 0.21%. 10Y yields extended their decline down 5.9bps to 4.121%, while the 2Y yield edged slightly higher. ADP employment data provided fresh evidence of labour market weakness following yesterday’s JOLTS report . WTI Oil fell below $70 a barrel -4.13%, its lowest since early July, on demand concerns and increased supply shown in an EIA report. Among stocks, mega cap tech stocks showed weakness, with Google, Apple, and Microsoft losing between 0.6%-1%.
ASX to fall. SPI Futures down 34 points (-0.47%).

Euro Area retail sales rose by 0.1% in Oct-23, falling short of the expected 0.2% increase.
Copper fell For a third consecutive session, down 0.73%, touching a two-week low as the USD firmed.
Dalian Iron ore rose 1.64% on positive economic data and persistently strong demand from China.
Golf firms 0.39% as treasury yields ease, stabilising after a rapid fall from a record high earlier this week.
Lithium down again, off 4.61%.
10Y yield: US 4.121%, Australia 4.245%, and Germany 2.199%.
Brent Crude and WTI sharply lower, down % and % respectively, hitting June lows following EIA reports of a larger-than-expected rise in US gasoline inventories, raised demand concerns.

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Euro Area retail sales rose by 0.1% in Oct-23, falling short of the expected 0.2% increase.
Copper fell For a third consecutive session, down 0.73%, touching a two-week low as the USD firmed.
Dalian Iron ore rose 1.64% on positive economic data and persistently strong demand from China.
Golf firms 0.39% as treasury yields ease, stabilising after a rapid fall from a record high earlier this week.
Lithium down again, off 4.61%.
10Y yield: US 4.121%, Australia 4.245%, and Germany 2.199%.
Brent Crude and WTI sharply lower, down % and % respectively, hitting June lows following EIA reports of a larger-than-expected rise in US gasoline inventories, raised demand concerns.

Why not sign up for a free trial? Get access to expert insights and research and become a better investor.
Make life simple. Invest with Marcus Today.

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Marcus Today End of Day Podcast – Thursday 7th December

ASX 200 fell 5 points to 7173 (-0.1%) in a day of consolidation. Plenty of corporate news around, from Chemist Warehouse's reverse takeover to MFG FUM and MGF deal. Plus, we saw a bid for PPT up 6.7%. Banks eased back slightly, with NAB down 0.4% and MQG down 1.4%, with the Big Bank Basket steady at $181.97. Insurers fell heavily as yields slipped to 4.28% in the 10s. QBE down 2.8%, and SUN down 1.8%. REITS mostly formed though GMG fell 0.7%. Healthcare eased back, with CSL down 0.4% and RMD off 0.6%. Industrials were lower, BXB down 1.0%, ALL off 1.2%, and TLS fell 0.3%. Tech mixed, All Tech Index up 0.4%. Resources were mixed again, iron ore miners better, RIO up 1.0% and FMG up 1.6%, with BHP lagging on some C-Suite changes. Lithium stocks pushed higher as PLS continued its rally up 5%. MIN up 1.7%, and IGO rallying 2.7%. Gold stocks struggling to gain traction, EVN trying to stabilise up 1.4%. Uranium stocks remained under pressure after BOE acquisition and placement. Oil and gas are remarkably stable, WDS up 0.4% and STO rising 0.7%. In more corporate news, 4DX readies $30m placement, rumours that WDS and STO have been exploring a merger. SWM announced its CEO was stepping down and GQG partners revealed FUM grew US$9bn. In economics, our trade surplus widened in October on exports driven by metal ores and minerals and a decline in imports. Asian markets eased again, with Japan down 1.2%, China off 0.2% and HK off 1.3%. Dow Futures down 26 points. NASDAQ Futures down one point.
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