Marcus Today Market Updates

ASX 200 closed up 23 points at 7123 (0.3%). For the week it has fallen 23 points from 7145. A better day all around with Banks better led by ANZ up 0.8% and WBC rising 0.3%. The Big Bank Basket up $164.10 (0.1%). Insurers firmed slightly and fund managers better.  REITs were mixed after the drubbing yesterday with GMG bouncing 1.1% on the tech rally. Tech stocks back in favour with WTC up 2.6% and XRO up another 2.7% with the All-Tech Index up 0.8%. Even Old Skool tech, REA and CAR rallied up 0.8% and 2.6% respectively. Consumer stocks had an end-of-week bounce, ALL up 1.5% and TLC +1.4% in demand.  DMP up 1.1% as some short covering held. Resources were firm, iron ore miners up again, BHP up 1.3% and RIO up 0.5% with lithium stocks making some headway, MIN up 0.9% and IGO up 2.5%. Gold miners better too, NST up % and EVN rising %. Oil and gas going nowhere and coal flat. In corporate news, some board changes at FMG, banks have passed on the rate increase quickly. Just not to deposit holders. On the economic front, economists jumping over themselves to predict higher and higher rates and CBA downgraded GDP and increased odds of a recession. In Asia, Chinese PPI dropped substantially. Asian markets in the green, Japan up 1.8%, HK up 0.2% and China flat again. Dow futures down 66 Nasdaq down 4.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.

US stocks closed higher overnight on positive of jobless claims suggesting a cooling of the US labor market. Dow up 169 points (+0.5%). Dow at best up 209. Dow at worst down 35 points. S&P 500 up 0.62% hitting a fresh closing high for the year. NASDAQ led the market up 1.02%. VIX Volatility Index fell to a fresh post-pandemic low, down 2.1% ahead of an eventful economic and policy calendar next week. US treasury yields edge lower, 10Y yield down 6.6bps, 2Y yield off 3.3bps, while gold prices steadied up 1.45% following the previous day’s 1.18% fall.  Meanwhile, the USD Index fell 0.73% and the Aussie dollar was flat. ASX to rise today, with SPI futures up 29 points (+0.41%).In European markets, STOXX 50 +0.1%, FTSE -0.3%, CAC +0.3%, and DAX +0.2%. Money markets pricing in a 72.2% chance of the Fed pausing next week compared to 79.6% just a week earlier. Tesla shares up 4.58% on news GM will join Ford in adopting Tesla’s charging plug standard and give GM electric vehicle buys access to Tesla’s network under an agreement. Gamestock fell 17.9% on poor sales results and the dismal of its fifth CEO in five years.HEADLINESGM adopts Tesla's charging system, praised by Wall Street.Carvana shares surge on positive Q2 outlook.US unemployment claims reach 1.5-year high with caution due to Memorial Day.IMF advises continued tightening by Fed and central banks to reduce inflation.US household wealth hits one-year high driven by stocks and Treasuries.Bunge finalizes $30 bn merger with Viterra, creating agricultural trading giant.Toshiba board recommends $14 billion buyout to shareholders.Catch up on the latest news with Henry Jennings’ Pre-Market Podcast.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.

The ASX 200 clocks its third consecutive fall, down 18 points to 7100 (-0.3%), as gains in mining and energy stocks were offset by losses in Tech and healthcare. All-Tech Index down 2.5%, following the Nasdaq, as investors take some profits. XRO -5.3%, WTC -3.4%, and ALU -4.9%. Energy was the best-performing sector today, as oil prices steadied following mixed stockpile data, BPT up 3.5%, WDS up 1.1%, and COE gaining 7.4%. REITS fell as bond yields rose, SCG -3.3% and MGR off 3.4%. Consumer discretionary stocks continue to come under pressure, with WES falling 1.1%, HVN down 2.7%, and LOV off 5.2%. Gold sector is down, despite a rise in gold prices from a softer dollar, NST off 2.2% and EVN down 3.4%. Financials and banks were flat, with the Big Bank Basket up to $163.92 (-0.1%), NAB, and ANZ fell, while WBC and CBA found some support up 0.8% and 0.2%. Iron ore is up 3.91% for the week, BHP, RIO and FMG enjoying the support up 1.2%, 2.1%, and 1.7%, respectively. Coal stocks found some buyers, NHC +8.6%, WHC +5.5% and YAL up 4.4% In corporate news, AMP +0.5% sells SuperConcepts to Pemba Capital, ZIP confirms share placement and reaffirms guidance, SSM +8.7% received a tax refund of $50.2m and AIZ +1.4% after it announced it raised its earnings forecast. In economic news, Australia’s trade surplus fell to $11.16bn in April down from $14.82bn last month, significantly below market expectations of a $14bn gain, shipments fell to a nine-month low, with total exports to China falling 15.4% from last month. Asian markets are mixed, Japan down 0.7%, HK down 0.1% with China up 0.5%. Australia bond yields spike following Canada’s interest rate hike, 10Y yield up 17bps to 3.99% 2Y yield up 14bps to 4.02%. Bitcoin flat. Dow Jones futures down 31 points and Nasdaq futures down 57 points. 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.

US equities closed mixed overnight. The Dow finished in the green up 92 points. Dow at best up 136 points, and at worst down 27 points. S&P 500 closed near session lows down 0.38%. NASDAQ down 1.29% as the market took profits after a month-long rally of megacap tech stocks ahead of key economic and policy events next week. Russell 2000 up +1.78%, a sign that investors are moving away from megacap growth stocks after their rally. European markets broadly lower, STOXX 50 -0.1% FTSE -0.1%, CAC -0.1%, and DAX -0.2%. ASX to slip today, with SPI futures down 13 points (-0.18%).USD Index steady, up 0.02%. US treasury yields rose, getting a slight boost from Canada’s rate hike on Wednesday, 10Y yield up 9.3bps 2Y yield up 2.7bps. Money markets now pricing in a 72.5% chance that the Fed will skip raising interest rates this month, down from 78.2% yesterday. VIX hit its lowest level since Feb 2020 down 0.1% to 13.94. Gold slumped while the KBW Regional Banking Index closed at its highest levels since late March.Get up to speed with Henry Jennings’ Pre-Market Podcast.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.

ASX 200closed down 12 points to 7118 (-0.2%) in a subdued trading day as the market continues to digest yesterday’s surprise rate hike from the RBA and looks for clues in Lowe’s speech today for interest rate trajectory. Sectors closed mixed today. Banks and Energy sectors worst performers. The Big Bank Basket is down to $163.75 (1.0%), the big four all down, CBA -0.9%, NAB -1.8%, WBC -1.5%, and ANZ flat. Interest rate sensitive REITS fell, GMG down 0.7% and SCG off 0.7%. The tech sector ignored the rate hike, with the All-Tech Index up 0.6%, SQ2 up 4.7%, WTC up 1.0%, and CPU rose 1.1%. Inflation hedge gold in the green with EVN up 0.3% and NCM +0.7%. Healthcare performed well, rallying as much as 1% during afternoon trade, supported by record results from PNV. COH +1.8%, PME +0.7% and RHC +0.6%. Energy stocks are down as oil prices stabilise, with WDS off 0.4% and STO down 0.9%. In corporate news, PNV +15.8% recorded its best-ever monthly sales of $7.2m, BPT fell 8.1% on Trigg 1 well results, GQG +3.6% reported $5.9bn in net inflows, and EHE +13.3% received a revised non-binding proposal. In economic news, Australia’s GDP expanded 0.2% QoQ in Q1 2023, falling short of expectations for a 0.3% increase marking the sixth consecutive period of economic growth albeit the softest pace in the sequence. More troubling data from China, exports dropped by 7.5% YoY, reversing from an 8.5% growth in April, and imports fell 4.5% YoY marking the third straight month of falls supporting the weak domestic demand narrative. Asian markets outside of Japan are stronger, HK up 1.0%, China up 0.2% and Japan off 1.3%. Australian bond yields inverted, 10Y yield at 3.82%, and 2Y yield at 3.88%. Crypto under siege following SECs lawsuit against Binance, Bitcoin down 1.1%. Dow Jones futures down 8 points and Nasdaq futures down 10 points. 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.

US markets closed in the green overnight, struggling to find traction in an uneventful day of trade, with all major indices closing near session highs. Dow flat up x points (+0.03%). Dow at best up x, and at worst down x points. S&P 500 +0.24% touching a 10-month high during trade, and now almost up 20% since October 2022 lows. NASDAQ +0.36%. Markets are subdued ahead of inflation data and FOMC meeting next week. Inflation is expected to cool MoM, with core inflation data likely to remain elevated. Chances the Fed will hold rates now 75.4%, up from 33.4% one week ago.Apple extended losses for a second day, down 0.21% after the company unveiled its costly augmented-reality headset to challenge Meta, which currently dominates the market. Coinbase down 12.09% after the SEC sued the exchange accusing it of illegally operating without first registering with the regulator. It is estimated that ~US$790m has been pulled from Binance and its affiliates in the last 24 hours. And against all rationale, Bitcoin held its ground up 5.71%.Short-dated US treasuries edge higher, USD Index also up, while oil prices fell following news that Saudi Arabia would further cut output. European markets are up across the board, STOXX 50 +0.1%, FTSE +0.4%, CAC +0.1%, and DAX +0.2%. Big week for markets next week, with the Fed, ECB and BoJ all holding meetings.10-year yield: US 3.67%, Australia 3.79%, and Germany 2.36%.USD index marginally higher and Aussie dollar mostly flat, up 0.12% and down 0.01% respectively.Gold prices remained flat as we awaited further indications regarding the Federal Reserve's interest rate trajectory ahead of its upcoming policy meeting.Copper -0.36%, Nickel +0.07%, Aluminium -1.47%, Zinc +0.03%, Lead +0.1%, Tin +0.04%.WTI crude fell 0.6% and Brent fell 0.5% despite Saudi Arabia’s plans to cut output as concerns about China's economy and potential recessions outweigh supply concerns.Get up to speed with Henry Jennings’ Pre-Market Podcast.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.

ASX 200closed down 87 points to 7130 (-1.2%) following a 25bps rate hike by the RBA, propping up the Aussie dollar 0.8% to 66.67c. Consumer discretionary hit hardest following rate hike news, as retail woes weighed on the market. HVN -3.2%, ADH -6.8%, and JBH off 1.8%. Banks hurting today, the Big Bank Basket down to $165.40 (-1.2%). CBA -1.0%, WBC -2.1%, ANZ -1.6%, NAB -1.1%. Insurers and Healthcare broadly down. REITs also getting hit as bond yields rise, GMG down 1.1%, and MGR off 0.4%. Resources down as iron ore dropped, BHP down 0.9%, and FMG dropped 0.2%. Lithium stocks mixed, PLS up 2.0% while MIN fell 1.2% as Morgans released their report on the sector. Gold miners drifting lower despite the possibility of a halt in Fed rate hikes. NST down 0.5%, and NCM down 2.7%. In corporate news, QAN -4.1% as CEO Alan Joyce discloses sales of 2.5m shares, SIG +22.1% after signing a five-year supply contract with Chemist Warehouse, BBN -16.9% on downgraded profit guidance, ASX off 10.2% after its unveiling of their new five-year strategy, while SM1 rose 14.8% on A2M partnership news. In economic news, the RBA raised interest rates by another 25bps as inflation is proving to be sticky. Asian markets mixed, Japan up 0.7%, HK up 0.3% with China down 0.5%. Australia’s 10Y yield hit a 13-week high during trade before closing to 3.80%. Bitcoin down 0.77%. Dow Jones futures down 27 points, and Nasdaq futures down 7 points. 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.

US markets finished lower overnight after tech and energy stocks erased earlier gains, in a subdued trading day. Cyclical stocks weighed on the Dow. Dow down 200 points (-0.59%), at best up 41 points, and at worst down 210 points. Major laggards Caterpillar -1.8%, Boeing -2.1% and 3M – 4.4%.  S&P 500 down 0.20%. NASDAQ down 0.09%. Markets remain uncertain whether the Fed will pause rates at its upcoming meeting following jobs data last week that showed slowing US wage growth. Apple briefly hit a record high, climbing as much as 2.2% before closing down 0.8% after the company unveiled an Augmented reality headset called the Vision Pro, its riskiest and biggest bet since the introduction of the iPhone.USD Index flat after gaining 0.44% on Friday on jobs report. Gold gained as US treasury yields retracted. Oil prices rose after Saudi Arabis announced cutting its output to 9 million barrels per day in July from 10 million in May, its largest reduction in years, a move seen as moderately bullish. European markets tracked the US down across the board, STOXX 50 -0.7%, FTSE -0.1%, CAC -1%, and DAX -0.5%. Wall Street’s fear gauge VIX higher +0.9%. SPI futures down 41 points (-0.57%)HEADLINESApple unveils Vision Pro AR headset, its riskiest bet since the iPhone.Apple's Vision Pro headset to be sold at triple the price of Meta's top-line headset.US regulators sue Binance and its CEO for alleged deception.US services sector shows slow growth, aiding the fight against inflation.Bed Bath & Beyond in talks to sell Buybuy Baby chain to Go Global Retail.Former Vice President Mike Pence declares candidacy for 2024 Republican presidential nomination.ECB's Lagarde sees no peak in core inflation despite moderation.White House warns of growing aggressiveness by Beijing's military in Taiwan Strait and South China Sea.Global airlines more than double their profit forecast for 2023 but warn of plane delivery delays.Catch up on the latest news with Henry Jennings’ Pre-Market Podcast.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.

 ASX 200 finished well off the highs, up 71 points (+1.0%) ahead of RBA uncertainty tomorrow. Solid cautious gains across the board. Resources were firm as iron ore rose, BHP up 1.7% and RIO up 1.3% with FMG screaming ahead up 3.6%. Lithium and base metals are better, PLS up 2.0% and S32 rising 1.3%. Gold miners slipped a little with NCM down 1.4% and NST off 0.4%. Oil and gas better after the Saudi production cut and bounce in crude, WDS up 0.8% and STO rallying 1.1%. Coal slightly higher. Banks firmed with the Big Bank Basket up to $167.44 (+1.0%). MQG better by 1.6% with insurers doing well on higher bond yields. QBE up 1.6%. Fund managers also in demand, MFG up 2.0 and PTM rallying 0.3%. Industrials firm, TLS up 0.7% and healthcare doing well, CSL up 0.9% with RMD up 0.8%. REITs firm, GMG up 1.4% and SCG better by 0.5%. Tech stocks a bit flat, APX down 6.9% on profit taking, with XRO off 1.8% and WTC down 0.,7%. In corporate news, ELD has decided to stick with the current CEO, rising 2.7% and MYR CEO is retiring next year. On the economic front, nothing market moving with Phil Lowe sealing his date with destiny tomorrow, the jury well and truly hung. Asian markets are mixed, Japan up 1.7%, HK up 0.3% and China unchanged. Dow futures up 30 points. NASDAQ futures down 43 points.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.

Global markets had a strong increase on Friday’s session. US markets had a strong performance, with the Dow rising by 701 points (+2.12%) and reaching a high of 743 points. The S&P 500 climbed +1.45%, securing its third consecutive weekly gain of 1.83%. The Nasdaq showed a rise of 1.07%, extending its streak of weekly gains to six, the longest since early 2020, with a total increase of 2.04%. These overnight gains were supported by positive labour market data, indicating moderate wage growth in May. This development suggests that the Federal Reserve may refrain from implementing a rate hike, shifting the language from "pause" to "skip" in order to emphasize that the rate hike cycle is not yet over. This decision allows the Fed the flexibility to assess the data as the impact of previous rate hikes gradually affects the economy.The continuation of the US debt ceiling deal contributed to a positive market sentiment. US treasuries experienced a rise in value, while gold prices fell due to a strengthening US dollar. European markets also performed well, with the STOXX 50, FTSE, CAC, and DAX all showing gains of 1.6%, 1.6%, 1.9%, and 1.3% respectively. This positive market sentiment was supported by a decrease in eurozone inflation, providing reassurance to investors.SPI Futures up 76 points (+1.05%). Catch up on all the latest with Henry Jennings on today’s Pre-Market Podcast.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.

ASX 200 rose 34 points to 7145 (0.5%) as resources rallied hard on better Chinese numbers and debt ceiling relief. AUD back in demand. For the week, the ASX 200 is down 9 points. Iron ore miners going hard. BHP up 2.8% and RIO up 2.5%, with FMG up only 1.7%. Lithium stocks are also in demand, led by PLS up 3.0% and IGO up 2.5%. Base metals better, S32 rallying 1.8% and gold miners also flying high, NCM up 4.6%. Oil and gas better ahead of the OPEC+ meeting this weekend.  WDS up 1.1%, and STO rose 1.4%. Coal a little merrier too, with WHC up 1.4%. Banks left behind with the Big Bank Basket down to $166.01 (0.1%) with NAB the worst hit down 1.0%. MQG slightly higher up 0.3% and insurers unchanged, and money managers slightly better. REITS firmed as GMG rose 0.4% and Industrials a little soft on wage rises, COL down 1.7% and WOW off 1.4%. Healthcare mixed, CSL off 0.7% and RMD up 1.0%. Tech doing well, APX a standout up 15.0% with WTC up 1.5% and the All Tech Index up 0.6%. In corporate news, a slow day. New CFO for FMG and BUB in trouble, ADH cratered on business update down 15%. On the economic front, lending numbers are down. Asian markets running hot following US deal. HK powering ahead by 3.9%. Dow Jones futures up 58 points and Nasdaq futures up 24 points.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.

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.

The ASX 200bounced back after sliding to a two-month low during trade closing up 20 points to 7111 (+0.3%), as sentiment improved after the House of Representatives passed the bill to raise the debt ceiling with bipartisan support. Resources and base metals clawing back gains from yesterday’s losses, BHP +0.1%, RIO +0.4% and FMG up 0.8%. Lithium mixed, but mostly down MIN down 3.6% and PLS down 1.6%. Gold miners are today’s winners as the likelihood of another Fed rate hike increases. NST 3.1%, NCM 2.4%, EVN 0.6%. Financials showing modest gains, with the Big Bank Basket down to $166.17 (-0.1%), CBA, flat WBC off 0.4% and NAB up 0.3%. Tech stocks didn’t stay down for long, with the All-Tech Index up 0.7%, SQ2 +2.3% XRO +1.9% and WTC +0.9%. Industrials were mixed and uninspiring, ALL rose 1.3%, SEK up 0.6% and REA off 2.0%. Defensives did ok with WOW and COL up. Energy sector up 0.4%, despite oil dropping for a third consecutive session. In corporate news, NMT jumped 21.9% after providing an update on its joint venture for lithium-ion battery recycling. LGL rose 16.1% after raising full-year guidance. AGY dropped 6.3% despite announcing that the Rincon Lithium project is now partially operational. In economic news, Australian retail sales were unchanged at $35.3bn in April, indicating that retail has hit a plateau. Caixin China’s general manufacturing PMI unexpectedly rose to 50.9 in May from 49.5 in the previous month, while exceeding consensus, the latest results highlights the patchy economic recovery amid insufficient demand and deflation risks. Asian markets are up, Japan’s Nikkei rises on bargain hunters up 0.9% and HK up 0.6% with China up 0.3%. Australia 10Y yield up 3.62%. Dow Jones futures down 21 points and Nasdaq futures down 11 points. 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.

ASX 200 closed down 118 points to 7091 (-1.6%), plunging at 11:30 on the CPI release, which came in hotter than expected, and Chinese PMI numbers which continue to show an economy that has peaked and slowed. Energy the worst-performing sector today; markets remain divided and uncertain on whether OPEC+ will cut production at the upcoming meeting, with WDS down 2.3%, STO down 2.7%, and BPT sliding 2.5%. Resources and base metals no better as oil comes under pressure following the weaker-than-expected data from China, BHP -3.4%, RIO -2.1% and FMG down 3.0%. Gold miners are in positive territory today on safe-haven buying, NST +1.7% and AGG gaining 2.7%. Financials weighed, with the Big Bank Basket down to $166.35 (-2.3%), BOQ took a beating down 5.4% after accepting an enforceable undertaking from both AUSTRAC and APRA, while the big four banks are all down over 2%. REITS falling in tandem with bond yields. Interest rate-sensitive tech stumbled lower, with the All-Tech Index falling 0.5%, SQ2 -1.8%, NXT -1.0% and CPU off 1.3%. Industrials were broadly down, and Healthcare eased, RMD down 2.3% and RHC off 1.7%. In corporate news, QAN continues to fly, up 0.9% as the market continues to digest an upbeat investor day. SLR -1.9% provided St Barbara with a revised non-binding indicative offer, and 360 +1.0% on positive Q1 results at their AGM. In economic news, Australian inflation rose to 6.8% YoY in April up from 6.3% in March, significantly exceeding expectations of 6.4%. China’s PMI showed further deterioration in manufacturing activity, coming in at 48.8 below the consensus of 49.5 and 49.2 the previous month, commodity prices coming under pressure. Asian markets down, Japan down 1.3% and HK off 2.4% with China sliding 0.6%. Australia 10Y yield down to 3.59%. Bitcoin set for first monthly drop in 2023 down 1.66%. Dow Jones futures down 121 points and Nasdaq futures down 44 points.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.

US markets finished mixed overnight. Dow down 0.15%. Dow at best up 39 points, at worst down 199 points. S&P 500 flat up 0.01%, and the NASDAQ extends its gains up 0.32% driven by a rally in semi-space, with Nvidia rallying a further 2.99%. S&P 500 and Nasdaq nearing their highest levels since August 2022 and are on track to post a monthly gain. Worries over the debt ceiling continue to weigh on markets. Long-dated treasury yields dropped while the dollar fell after reaching a two-month high. Telsa shares see a boost +4.14% after Musk’s visit to China, and was quoted he was “open to expanding in China”. European stocks are broadly down, Stoxx 50 -0.7% FTSE -1.4% CAC -1.3%, and DAX -0.3%, while the Stoxx 600 closed down 0.9% on track for its steepest monthly fall this year, despite hitting a year high earlier this month.  SPI futures down 34 points (-0.47%).Nvidia briefly joined the US$1 trillion value club before closing 3% higher, just under the US$1 trillion valuation mark. Nvidia has now tripled its value in less than eight months, the latest surge driven by the company’s forecast and its forward P/E ratio of 47.3. Analysts see Nvidia as a crucial company in a rapidly changing era focused on AI capabilities. “During a gold rush, sell shovels”.HEADLINESTop US Republican McCarthy urges support for debt ceiling deal ahead of key vote.Nvidia briefly joins $1 trillion valuation club.HP misses revenue estimates as inflation saps PC demand.Elon Musk kicks off China visit, Tesla expansion in focus.Stocks close mixed, Nvidia's rise offsets debt ceiling jitters.US consumer confidence dips to six-month low, labor market views soften.Ukrainian drones strike Moscow and Kyiv, tensions escalate.Deepfakes emerge in US politics, AI concerns raised.Chinese jet carries out aggressive maneuver near US military plane.NATO to deploy more troops to Kosovo to curb violence.ECB warns of impact on top European banks if funds run into trouble.Pfizer's hemophilia therapy shows positive results in late-stage study.OPEC+ cuts oil output to stabilise prices.Catch up on all the latest with Henry Jennings on today’s Pre-Market Podcast.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.

ASX 200 closed down 8 to 7209 (-0.1%) in a subdued trading day. ASX 200 high of 7227, low at 7204. Namibia's threat to take minority stakes natural resources, including uranium, led to a sharp sell-off of PDN falling 19.6%, DYL down 5.7%, and BMN slid 5.9%. The Big Bank Basket lost its grip on yesterday's gains, down to $170.22 (-0.5%), banks down across the board, ANZ taking the biggest hit down 1.4%, followed by CBA -0.4%, NAB -0.2% and WBC -0.2%. Coal stocks eased back. Base metals and iron ore miners edged higher, BHP rose 0.3% and RIO up 0.2%. Energy stocks found no support from stronger oil prices, WDS down 0.4%, STO down 0.4% and STX off 3.2%. Gold stocks are broadly up, NST +0.6%, DEG +0.4% and WAF +0.6%. Tech flat, All-Tech Index up 0.3%, CPU +1.1%, WTC +0.5%, and WBT +7.4%. REITS fell in late afternoon trade, VCX -1.6%, CHC -2.2% and SCG off 1.4%. Lithium stocks closed mixed, MIN +1.4%, LTR +1.1%, while SYA plummeted +11.9% after completing a $200m bookbuild placement. TLS managed a 0.7% gain, and other defensives better WOW up 0.1% and RHC up 1.1%. In corporate news, QAN +2.7% on EBIT guidance, small-cap PFT surged +20% after announcing expectations for revenue to grow 50%, and CGF +2.6% following investor day. In the land of economic woes, Australian building permits nosedived, falling 8.1% MoM, significantly below consensus for a 2% rise – an unfortunate blow for renters. ANZ-Roy Morgan consumer confidence fell 1.1pts to 76.2, marking thirteen straight weeks below the 80 mark. The main driver for the decline is the reduced confidence in personal financial situations compared to a year ago. Asian markets are down, Japan down 0.1% and HK off 0.2% with China slipping 0.6%. Australia 10Y yield down to 3.69%. Dow Jones futures up 59 points and Nasdaq futures up 72 points. 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.

The US markets and London were closed overnight for Memorial Day holiday and Spring Bank Holiday. The US debt ceiling deal is now facing potential challenges as some members of the Republican party have expressed opposition to raising the US debt ceiling, which currently stands at $31.4 trillion, dampening optimism. Despite this, US equity futures showed modest gains, with cautious optimism prevailing that a default will be avoided.In European markets, there was a general decline, primarily driven by the underperformance of tech and bank stocks. The STOXX 600 Index dipped by 0.1% after experiencing its strongest one-day gain in nearly two months on Friday.Nvidia made an announcement on Monday regarding its plans to construct Israel's most powerful AI computer. This decision is in response to the increasing customer demand for AI applications. The new system is anticipated to become one of the fastest supercomputers worldwide.HEADLINESEuropean stocks slip as tech and banks drag.PwC Australia puts nine partners on leave, overhauls board amid tax leak scandal.Republicans speak out against US debt-ceiling deal.Biden says final US debt ceiling deal ready to move to Congress for vote.North Korea says it will launch its first military spy satellite in June.China rejects US request for a meeting between defense chiefs.Cathay Pacific nears Boeing 777-8F freighter order.GM Secures Financial Support for an EV Battery Plant in Quebec.Get up to speed with Henry Jennings’ Pre-Market Podcast.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.

ASX 200closed up 63 points to 7217 (+0.9%), rising a second straight session in a broad market rally on positive news that a tentative deal to raise the debt ceiling was reached over the weekend. Mining stocks were firm today, leading the market higher with solid gains in BHP, RIO and FMG, all up over 1% following a rise in iron ore prices late last week. Financials put on their money-making boots, with the Big Bank Basket up to $171.04 (+1.3%), with CBA leading the charge up 1.4%, while NAB, WBC, and ANZ followed closely up 1.3%, 1.2%, and 1.2%. REITS took centre stage as the best-performing sector, up 2.0%, GMG +1.8%, CHC +3.4% and MGR +2.2%. Consumer discretionary sector in the red today, as retailers took a hit MYR -1.4% and JBH -0.2%. Energy stocks were good, supported by stronger oil prices, WDS +1.0%, STO +0.9% and BPT up 1.1%. Lithium stocks stood out, with MIN up 2.3%, AKE up 1.4% and LTR up 1.5%. Gold sector was mostly flat, but EVN and SSR pumped the breaks falling 1.7% and 1.9%, respectively. Tech a little flat considering, All Tech Index up 0.1%, SQ2 and NXT found support up 1.2% and 2.7%, while XRO slipped 0.9%. In corporate news, APX +10.6% on broker rating changes, LLL up 17.2% on securing $106m through a strategic placement, HUM climbed 7.7% after ASIC revokes BNPL stop order, and SHV gained 8.7% on results despite posting a net loss of $96.2m. In economic news, WTI crude futures climbed over $73 a barrel, extending gains from the previous session on positive sentiment on the US debt ceiling deal. NZ dollar remains depressed, trading near six-week lows following last week's 25bps hike. Asian markets mixed, Japan up 0.7% hit a new 33-year high above 31,400 during trade, HK down 0.7% with China up 0.2%. Australia 10Y yield down to 3.7%. Dow Jones futures up 64 points and Nasdaq futures up 75 points. 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.

The ASX 200 is anticipated to rally today on debt ceiling relief, rebounding from a 125-point (-1.71%) fall last week. All three major US indices gained +1% last week, with the Nasdaq leading the way, gaining 2.51% fuelled by AI hype, supported by favourable forecasts from Nvidia. This week, the trading week in the US will be shorter due to the Memorial Day Holiday on Monday. US jobs data out this week, non-farm payrolls and unemployment data on Friday, both of which are pivotal indicators used by the Fed to make decisions regarding interest rates.TODAY'S HEADLINESASX poised for debt ceiling relief rally.McCarthy, Biden predict Congress will pass debt ceiling deal.Russia unleashes largest drone attack on Ukrainian capital ahead of Kyiv Day.Texas Senate to deliberate on impeached AG Ken Paxton.Oman's Sultan in Iran for talks on diplomatic, security issues.China's home-grown C919 completes first commercial flight.ISS backs Toyota shareholder proposal on climate disclosure.Catch up on all the latest with Henry Jennings on today’s Pre-Market Podcast.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.

 ASX 200 rallied into the weekend with the index up 17 points to 7155 (+0.2%). For the week, the index fell 1.7% on mainly debt woes, and lack of our own Nvidia. Banks and resources were better today, the Big Bank Basket up to $168.78 (+0.35%) as yields continue to push higher and WBC becomes the latest bank to cancel its cashback offer on home loans. War is over it seems. Insurers doing well on the back of yields rising, even money managers better today. REITs conversely under pressure on higher rates, GMG down 0.6% and MGR off 1.7%. Healthcare in ICU today, CSL down 0.7% with RMD off 1.7% and FPH underwhelming on results falling 6.3%. Tech once again better, WTC continues to push higher despite global growth concerns perhaps, XRO slipped slightly with TNE and ALU both better, and chip wannabes BRN and WBT finding friends today. The All-Tech Index rose another 0.9%. Bit of short covering in retail land, DMP up 2.9%, Travel better CTD up 2.2% and LOV up 1.2%. KGN up 3.3% too. Switching gears to resources and a better day as iron ore stabilised, BHP up 1.4% and FMG bouncing hard up 3.3%. Lithium stocks mixed, SYA tapping investors for another $200m at the same price they did a year ago. Gold miners continue to drift lower and oil and gas stocks down too with coal in not such a merry place. In corporate news, IVC held its AGM and gave a positive outlook statement, LFS down 3.5% after a profit warning following its cyberattack. On the economic front, retail sales in April were flat. This follows a 0.4% rise in March. Asian market mixed again and yields up to 3.74%. US Futures drifting ahead of debt talks and a long weekend. Dow Futuires down 44 and Nasdaq down 17.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.