Pre-Market Report – Wednesday 24 April: US Markets Rally Hard | Tesla Hits the Spot

Market Updates

Wall Street ended higher overnight, near best levels, building on the positive momentum from yesterday's session as gains in mega-cap tech stocks lifted the broader market. Dow up 264 points (+0.69%), S&P 500 +1.20%, and NASDAQ +1.59%. Treasurys eased a touch following a solid $69bn sale of 2Y notes, and economic data showed US business activity cooled in April to a four-month low. Tesla 1.9% kicked off the earnings cycle for heavy-weight tech stocks, rising 10.68% in after-hours after announcing it would accelerate the launch of more affordable models, and United Parcel Service +2.41% (an economic barometer) beat profit expectations.
ASX to rise. SPI Futures up 27 points (+0.35%).

• Base metals are broadly lower on profit-taking and hedging by producers. Copper -1.0%, Zinc -1.29%, Nickel -2.66%, Tin -6.3% and Lead -0.83%.
• Aluminium down 3.53%. Traders found profits by taking Russian aluminium from the LME and returning it later to benefit from recent rule changes to comply with the latest US and UK sanctions on Russia.
• Gold eased 0.19% after briefly touching a more than two-week low.
• Oil prices advanced on a weak USD, with the USD Dollar Index falling to its lowest level in more than a week. WTI +0.42% and Brent Crude 1.49%.
• 10Y Bond Yields – US 4.607%, Australia 4.299%, and Germany 2.508%.
• Currencies – AUD +0.02%, USD Index -0.36%, Euro -0.02%, and Bitcoin -0.29%.

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