Pre-Market Report – Friday 27 June: US markets close on all-time highs | Resources in focus

Market Updates

Wall Street continued forward with the S&P 500 and the Nasdaq just shy of all-time closing highs. The major US indices benefitted from the continued ceasefire in the Middle East and weakening economic data which supports rate cuts. Fed will cut at the September meeting, not the July one. S&P 500 up 0.8%, Nasdaq up 0.97%. Dow rose steadily throughout the day, ended near high. Up 404 points. Most sectors up. REITS and Staples the exceptions, the former suffering after US new home sales fell to seven-month lows. Energy leading the charge, recovering from some of its recent drop following the Israel-Iran ceasefire. Financials also a big winner. Fed unveiled a proposal which would allow them to increase their leverage against low risk assets. Tech and Cyclicals also did well as risk-on sentiment dominates the market mood.

Resources gained. Oil rose after recent declines, US demand. Dollar weakness benefited most commodities. Copper, zinc and tin all jumped over 1%.

ASX to rise. SPI futures up 52 points (+0.61%). Resources to shine.

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