Pre-Market Report – Wednesday 25 September: US markets slightly higher | Resource rally

Market Updates

Sep 24 2024 • 12 mins

S&P 500 rose 0.25%, closing the session with its 41st record close for the year. The Dow too notched a record close, up 84 points (+0.20%). Up 156 points at best. Down 68 points at worst. NASDAQ advanced 0.56%, while mega-cap tech stocks were mixed. Nvidia jumped 4.0%, while Microsoft and Meta eased 1.0% and 0.2% respectively. Markets shrugged off US consumer confidence data, despite falling to 98.7 in September dropping the most in three years from an upwardly revised 105.6 in August. Treasury yields slipped in choppy trading. 2Y yield fell 4.7bps pressured by a 2Y auction, and the 10Y yield fell 1.9bps to 3.732%. Steep Yuan inflows have pushed the Chinese Yuan to hit a 16-month high, resulting in broad USD selling USD Index down 0.48%, while also propping up HK +4.13% and Chinese +4.15% equity markets.

ASX to rise. SPI Futures up 25 points (+0.30%). On the calendar today, Australian CPI data at 11:30am. AGL and RED hosting AGM's. SIG, SOL and PMV releasing earnings reports and CWP, IMD and NCK are trading ex-dividend today.

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