Pre-Market Report – Monday 2 June: US markets mixed | Quiet start to the month

Market Updates

Wall Street recorded a mixed session after recovering from midday lows as it weighed Trump’s critical comments of China which were also optimistic about a trade deal. S&P 500 flat, up 1.88% for the week. NASDAQ down 0.32%, up 2.01% for the week. Dow was flat until midday where it dropped but it recovered by the end of the session. Up 54 points, near high, up 667 points for the week. Mixed sector performance. Defensives did well for the second consecutive day. Utilities up as yields eased. Non-Cyclicals and Healthcare also did well. Energy followed oil lower. Growth sectors like Cyclicals and Tech continued to show weakness, shedding a few of the week’s gains.

• Gold down 0.8%, back below $3300. US dollar up 0.2%. Bitcoin down 1.3%.
• European markets modestly up in muted session. STOXX 600 up 0.1%, FTSE up 0.6%. Asian markets all down. Japan down 0.4%, HK down 1.2%.
• Bond yields fell as risk sentiment worsened following Trump’s China comments. US 10Y down 2.8bps, US 2Y down 3.9bps.

ASX SPI up 8 - SOL/BKW merger - Quiet start to week.

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