Pre-Market Report – Friday 17 May: After the Fire Comes the Rain | SPI Down 44

Market Updates

The Dow Jones Industrial Average closed slightly lower Thursday after briefly jumping above 40,000 for the first time. At its high of the day, the blue-chip average reached 40,051.05, the culmination of a bull market that began in October 2022.
Ultimately, the 30-stock Dow ended the day down 38.62 points, or 0.1%, closing at 39,869.38. The S&P 500 fell 0.21%, closing at 5,297.10. The Nasdaq Composite finished the day lower by 0.26%, ending at 16,698.32.
The Dow has climbed nearly 6% in 2024, while the Nasdaq and S&P 500 are up 11% each.
ASX to fall. SPI Futures down 44 points (-0.56%).

• Base metals are broadly higher. Copper +0.13%, Nickel +0.23%, Zinc +0.08%, Lead -0.20% and Tin +0.18%.
• Aluminium is marginally higher, +0.04%, as LME aluminium stocks rise to their highest levels since October 2021.
• Gold slipped 0.44% as the dollar rebounded.
• Oil prices edged higher on positive economic data. WTI +0.77% and Brent Crude +0.66%.
• 10Y Bond Yields – US 4.377%, Australia 4.219%, and Germany 2.456%.
• Currencies – AUD -0.01%, USD Index +0.15%, Euro +0.01%, and Bitcoin -0.97%.

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