Pre-Market Report – Tuesday 3 February: US markets push ahead again | Gold and silver steady

US stocks bounced as the world seemed a little less fraught. Boosting by a strong PMI manufacturing number. Oil prices fell sharply as Iran tensions eased. Gold and silver are still cooling, and the USD looks like it will stabilise from here. There’s no big American debt crack up imminent. US President Trump said a trade deal with India would see their tariffs cut from 50% to 18% in exchange, at least in part, for discontinuing to buy Russian oil and ordering American barrels instead. Indian PM Modi will lower Indian tariffs and buy American goods and services too. Details are, as ever, light. The S&P500 and the Nasdaq liked it anyway, and rose 0.5% each.

Disney is likely less enamoured with Trump. International visitors are going to the USA in less numbers (6% less in 2025), and it’s hitting their theme park numbers. It’s TV and film division isn’t running on all cylinders either. The shares dropped 5% after its earnings report came out. Elon Musk's SpaceX and xAI are set to merge for a combined valuation of $1.25T. Trump announced a $12bn strategic minerals stockpile to reduce China reliance. Uranium and nuclear stocks down while copper miners had a tentative bounce. BHP and RIO both up in the US.

SPI up 97 - Commodities steady. Ish!

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