Pre-Market Report – Tuesday 11 November: US markets rally hard on shutdown news | CBA update
Description
A good night for markets in the first session for the week. Both the SP500 (+1.5%) and the Nasdaq (2.4%) rose. Nvidia punched back 6% after its recent wobble. Tesla lifted 3.7%, with investors apparently not concerned about Elon Musk’s new pay deal.
The Dow lifted 389 points. It’s a risk on move. Stronger conviction around the end of the US government shutdown this week helped sentiment as we await the delayed US data due. Bitcoin’s now rallied back to US$106,000 per BTC. Gold lifted a strong 2.7%.
SPI futures are up 43 points. The ASX is set to open higher. Gold and commodities up strongly.
Metals in London were solid too with copper and the rest of the industrial metals all up. Lithium and gold stocks rallied strong. BHP and RIO were up 1.4% respectively. The VIX retreated 7.7%. Volume across the US exchanges was 17.9bn shares, relatively light compared to the average in recent trading.
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