Market Updates

Pre-Market Report – Thursday 9 July: US markets recover from lows - SPI down 49 - Oil jumps on renewed conflict - Gold steady - Fed Minutes

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0:00 | 13:27

US stock indices closed mixed on Wednesday as higher oil prices worsened the macroeconomic backdrop while chipmakers rebounded. The S&P 500 fell 0.3%, the Dow lost 577 points, while the Nasdaq 100 gained 0.3%. Treasury yields rose after President Trump said the ceasefire with Iran was "over" following renewed strikes, fueling concerns over energy-driven inflation. Those fears were reinforced by minutes from the Fed's June meeting, which showed some policymakers saw a case for further rate hikes if inflation remains elevated. Credit-sensitive sectors weakened, with JPMorgan losing 2.5% and Visa down 1.3%. Most AI hyperscalers lost amid concerns over heavy spending on data center infrastructure, with Alphabet (-1.4%), Amazon (-1%), and Microsoft (-1.4%) down. Chipmakers lifted the Nasdaq. Broadcom gained 4.8% after expanding its agreement with Apple (+0.9%) on US-made components, while Nvidia rose 3.6% on reports that Chinese firms plan to increase purchases of H200 chips.

SPI down 49 - Gold steady - Resources to be pressured again.

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