Pre-Market Report – Monday 16 June: US markets fall hard | Oil jumps

Wall Street dropped sharply as Iran launched missiles at Israel, responding to Israeli strikes aimed at reducing Iran’s nuclear capabilities, sending oil up 7%. S&P 500 down 1.13%, down 0.39% for the week. NASDAQ down 1.3%, down 0.63%. Dow dropped at the open, steadily recovered, but fell again from midday onwards. Finished near low, down 770 points, down 565 points for the week. All sectors red except for energy which followed oil up. Financials worst performer, with Visa (-5.0%) and Mastercard (-4.6%) dragging sector down after reports that major retailers are considering cryptocurrencies to avoid the need for payment intermediaries. Tech was second worst. Apple (-1.4%), Meta (-1.5%) and Nvidia (-2.1%) weighed on sector as risk-on sentiment was reversed. Oracle (+7.7%) continued to rise following Wednesday’s after-market close earnings call beat expectations on the strength of demand for its AI services.

SPI down 20 - Oil and Gold up - STO gets a $30bn from Abu Dhabi - FIRB will be a big issue.

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