Pre-Market Report – Tuesday 6 May: US markets slip, breaks 9-day streak | SPI down 21

Market Updates

Wall Street's recent winning streak came to an end with all the major indices were down as optimism on trade negotiations faltered after Trump said he’d lower tariffs on China “at some point” and announced a 100% tariff on movies produced outside the US. Ended nine straight day of gains for S&P 500. Down 0.64%, NASDAQ down 0.74%. Dow dropped at the open, rose into the green during the day, and slipped again before the close. Ended 99 points down, middle of its range. All sectors red. Energy worst performer. Followed oil down as OPEC+ announced plans to hike output while forecasted demand falters. Oil now at four year low. Consumer Cyclicals also one of worst performing sectors. Amazon (-1.9%) and Tesla (-2.4%) drags. Amazon down following slightly disappointing earnings last week. Same with Apple (-3.1%). Tesla’s rally post-earnings slowed as auto industry group in Spain said Tesla sales declined while EV sales rose. AMD (+1.8%) up ahead of their earnings tomorrow morning. Anticipation of good results. Palantir (-0.4%) down 8.6% after hours following a disappointing earnings call. Berkshire Hathway (-5.1%) also down as Buffet announced he will step away from CEO role at the end of the year despite remaining Chairman. LME was closed yesterday.

ASX to fall. SPI futures down 21 points (-0.26%). Gold up 3% - Oil falls

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