Pre-Market Report – Thursday 4 December: US markets better | Tech lags as rotation continues
Description
US stocks were up modestly overnight, with the Nasdaq up 0.17% and the SP500 0.30%. The Dow was up 408 points. Private sector data showed that payrolls declined in November. Government numbers won’t be available until after the Fed meeting. It was enough to support stocks for the day, plus some helpful inflation data. There wasn’t much action in big tech, but the broader chip makers had a strong day and the small cap index the Russell 2000 rose 1.9%. US financials also lifted. The VIX settled lower at a benign reading of 16. Bitcoin is holding the line at US$93k.
SPI futures are up 21 points. ASX to open modestly higher.
We could be in for some action in the miners today. Copper rose 2.9% to hit a record high of US$11540. This good for copper producers on the ASX including SFR and CSC plus BHP and RIO. Copper is now up 31% this year.
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