Pre-Market Report – Wednesday 28 January: S&P 500 hits new record | Dow drops on health insurers

Another positive session for the US stock market with the S&P 500 trading to a record high of 6988 points. That’s the fifth straight day of gains. All eyes are turning toward the 7000 level to see if it can break sometime soon.  US chip makers rallied, with Nvidia +1.1%, Intel bouncing +3.4% and Micron up a very solid +5.4%. Big tech put in some good numbers too with Apple +1.1% and Amazon +2.6%. Tesla slipped 1% again. Resource stocks keep on keeping on. BHP was +4% in American trade. Uranium spot went over $90 per pound, taking up related shares. NexGen Energy was +3.8% and Cameco +3.9%. Like on the ASX yesterday, North American gold stocks were a little muted relative to the move in bullion. A 2% rise in oil lifted energy firms like Exxon Mobil, +1.5%. European stocks wer generally positive. It’s a global bull run happening.

SPI Futures up 38 points. ASX set to open higher. 

Here in Australia, all eyes will be on the CPI data release today and what it will mean for the RBA’s next move. The Aussie dollar is now 70 cents to the USD, the highest level since 2023. 

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