Marcus Today Pre-Market Podcast – Friday 10th March

Marcus Today Market Updates

Wall Street reversed early gains overnight, weighed down by bank stocks and jitters ahead of employment data. Treasury yields retracted and the dollar softened, showing signs the Feds monetary policy is beginning to work as intended. Dow Jones down 58 points (-0.18%). Dow up 147 at best. Down 608 at worst. S&P 500 up 0.14%. NASDAQ up 0.4%. In Europe, STOXX 50 -0.1% FTSE -0.6% CAC -0.1% DAX -0.01%. SPI Futures are down 81 points (-1.11%).

• Gold prices rose 1.1% as the dollar weakened following an unexpected increase in US jobless claims.
• Copper prices fell 0.61% on concerns about sluggish demand in China and rising US interest rates.
• Nickel -2.72%, Aluminium -1.1%, Zinc -0.23, Lead -0.5%, Tin -1.29%.
• WTI crude down 1.25% and Brent down 1.52% as concerns about weak global demand and potential tightening from the Federal Reserve kept a lid on prices.

HEADLINES

• ASX to open lower, pending US jobs data spooks Wall Street.
• Wall Street turns lower, Treasury yields dip ahead of jobs report.
• Wall St falls with banks tumbling, pre-jobs report jitters.
• US mortgage rates hit highest since November at 6.73%.
• Bank stocks sink most in nearly three years as sentiment sours.
• Credit Suisse delays annual report after SEC call, shares drop.
• Ex-goldman Sachs banker gets 10-year sentence for fraud.
• US weekly jobless claims post largest rise in 5 months; labor market still tight.
• Gold climbs 1% as U.S. jobs data soothes investors.
• Copper drifts lower on concern over China demand and U.S. rates.
• Oil market has fully absorbed impact of Russia's invasion of Ukraine.
• Crypto stocks slide after Silvergate decides to shut down.
• Biden's $6.8 trillion budget challenges Republicans, raises taxes on rich.

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