Pre-Market Report – Thursday 18 July: US Markets 'ChipWrecked' - Nasdaq Falls 2.8% SPI Down 43 - DMP Downgrades

• Nasdaq, S&P 500 end sharply lower, hit by chips, megacaps; Dow extends rally.
• Trade fears hamper tech stocks, dollar falls amid rate cut talk.
• ASX to fall, Nasdaq tumbles as semiconductor stocks plunge  SPI down 43 points
• Chip stocks shed over $500 billion in value on China trade fears.
• Europe's STOXX 600 falls for third straight session as tech drags.
• Top Fed officials say they are 'closer' to cutting interest rates.
• Yen surges on possible intervention, sterling hits one-year high.

COMMODITIES

• Iron ore slumps to three-week low on weak China demand, strong global supply.
• Copper dips as China demand fears balance dollar slump.
• Oil prices gain 2% on big US storage withdrawal, weaker US dollar.
• Gold extends record rally on Fed rate-cut bets, softer dollar.
• Miner Vale sees iron ore output at high-end of 2024 guidance after Q2 rise.
• US crude stockpiles fall sharply, fuel builds, EIA says.

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