Pre-Market Report – Tuesday 27 August: US markets mixed | BHP, COL, WDS results

US equities were mostly lower in Monday trading, though ended a bit off worst levels. S&P 500 and Nasdaq both lower after weekly gains of over 1% last week with help from a Friday rally. Breadth positive as equal-strength S&P posted just off Friday's record close. However, cap-weighted index weighed down by big tech as NVDA and TSLA gave back some of their big Friday gains. Other relative laggards included the broader semi space, autos, tech hardware, department stores, trucking, airlines, casinos, cosmetics, and China tech. Outperformers included energy (crude), media, insurers, payments, industrial metals, managed care, chemicals, railways, building products, and food/beverage. Treasuries a bit weaker across the curve. Dollar index up 0.2%. Gold finished up 0.4% at a fresh record close. Bitcoin futures down 0.4%. WTI crude finished up 3.5% on latest flare-up in Middle East tensions and Libya production headlines.

Mixed session on US markets ahead of Nvidia.

US bond yields rose modestly higher as investors digested the Federal Reserve’s signal of an imminent start to lower interest rates.
Canada will impose new tariffs on Chinese-made electric vehicles, aluminum and steel.

Oil advanced after Libya’s eastern government said it will halt exports

ASX to inch higher. SPI Futures up four points (+0.05%).

• Oil climbs 3% as Libya output cuts further supply concerns.
• Iron ore hits nearly 2-week high on softer dollar, China demand hopes.
• Gold nears record high on US rate-cut optimism, geopolitical risks.
• Exxon Mobil forecasts global oil demand in 2050 will be at current levels or slightly higher.
• Goldman, BASF, others in $20m platinum, palladium price-fixing settlement.

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