Pre-Market Report – Wednesday 24 September: US markets slip | Gold up again
Description
Wall Street recorded a negative session, ending three days of record high closes, following a Powell speech where he left the door open to further rate cuts while emphasising the Fed had to balance inflation concerns with a weakening labour market. S&P 500 down 0.55%, Nasdaq fell 0.95%. Dow jumped in the first fifteen minutes of trading but fell from there. Closed near low, down 89 points. Mixed sector performance. Cyclicals and Tech led the sell off, with Amazon falling 3.0% and Nvidia down 2.8%, the biggest two drops of the major names. Materials also down and every other sector was flat or up. Energy was the biggest gainer, followed oil up on Kurdish supply constraint issues. Rate sensitive sectors also did well with REITs and Utilities making gains.
ASX to fall. SPI futures down 30 points (-0.34%).
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