Morgans, AM, your pre-market briefing.Benchmark U.S.indices logging fresh record highs overnight, Dow gaining 304 points or 0.7%, 44,293.Salesforce ups over 6%, the leading performer in the 30-stock index.
Goldman Sachs Group and Honeywell International are both up over 2%.Broader S&P 500, edge 0.1%, higher to 6,001. Consumer discretionary and financials up 1.8% and 1.4%, respectively, and leading six of the 11 primary sectors higher.
Information technology down 0.9% sat at the foot of the primary sector leaderboard overnight.Bristol Myers Squibb rallied 10.6%.
That was after rival pharmaceutical company AbbVie, which was down 12.6%, reported a disappointing phase two trial result of an experimental schizophrenia drug. Monolithic Power Systems dropped almost 15%, worst performer in the S&P 500 overnight.
Analysts at Edgewater Research warning that NVIDIA Corp., which was down 1.6%, had canceled orders with the power solutions company.NASDAQ eked out a 0.1% gain.Apple, Meta Platforms, and Microsoft Corp.all down over 1% to cap gains.
Tesla, however, was up 9.2%, extending its post-Trump election victory rally into a fifth straight session.The electric vehicle maker is up 38.5% over that period.
Russell 2000 index rallying 1.5%, building on last week's gains that saw the small-cap index record its best weekly performance since April 2020, up 8.6%. In U.S.
corporate earnings, Dow Component Home Depot along with Hertz Global Holdings, Instacart parent MapleBear, Occidental Petroleum, Shopify, Spotify, Tencent Music Entertainment, and Tyson Feud Foods all releasing quarterly results tonight.In U.S.
economic data, National Federation of Independent Business' Business Optimism Index and consumer inflation expectations for October are released tonight. European bourses advance.
Pan-European Stock 600 index rising 1.1%, logging its best session in six weeks.That was with the euro weakening about 0.7% to its lowest level since mid-April.Germany's DAX up 1.2%.Continental rallying 10.6%.
That was after the German automotive supplier and tyre company posted a stronger-than-expected third-quarter core profit. but did lower its sales guidance for a second time this year.
Separately, Heidelberg Materials rose over 4%, touched a fresh record high after both J.P.Morgan and Citigroup raised their target price for the building materials company.France's CAC up 1.2%.
Bayer and chipmaker Infineon Technologies posting quarterly results in Europe tonight.
On the economic data front in Europe, the German Consumer Price Index for October and the widely monitored German ZEW Economic Sentiment Index for November are released tonight.
London FTSE 100 up 0.7%, underpinned by solid gains for the banking sector.
NatWest Group rallying 3.7% after announcing that it had repurchased approximately £1 billion worth of shares from Treasury, reducing the government's stake in the bank to about 11.4%.
Crota International rallied over 5%, leading FTSE 100 performer after the Specialty Chemicals Group reported a steady third quarter performance and maintained its full-year constant-currency profit guidance.
On the downside, major miners under pressure for a second consecutive session, Anglo American down 1.9%, as was Rio Tinto.
Outside the FTSE 100, direct line insurance group fell 2.8%, reported a decline in gross written premiums for the third quarter, and outlined plans to cut about 550 jobs as part of a restructuring effort.
Burberry Group settled 3.3% lower, unwinding an earlier rally of over 3% that came amid fresh speculation that French peer Moncler could be building a takeover offer.AstraZeneca, Flutter Entertainment and Vodafone release results tonight in the UK.
Base metals weaker across the board for a second session running.Copper down 1.5% to be trading around $4.22 a pound.Nickel was down 1.5% also.Aluminium with a 1.9% decline and Zinc slipping 0.1%.
Benchmark spot iron ore down $1.50 to $100.85 a metric ton.Gold futures had a sharp decline dropping $77.10 to almost 3% to $2,617.70 an ounce.That's the largest one-day dollar and percentage decline since 17 June 2021.The U.S.
dollar index is up 0.5%.Hedge fund BlackRock and investment bank JPMorgan are among the big names, warning the sell-off in U.S.bonds is probably far from over.
They are saying that Trump's fiscal plans may rekindle inflation and increase the budget deficit, while traders have pared bets for now of how deeply the Fed will cut interest rates, according to a report published by Bloomberg.
Meanwhile, Bitcoin surpassed U.S.$86,000 for the first time overnight.Value of global cryptocurrency markets has topped U.S.$3 trillion for the first time in three years, according to data provider CoinGecko.
Value of the total crypto market has jumped about 25% since Election Day back on 5 November.Benchmark oil prices are retreating, logging their lowest settlement since 29 October, WTI down $2.34 or 3.3%. to $68.04 a barrel.
Rent down $2.04 or 2.8% to $71.83 a barrel.US bond markets were closed overnight for Veterans Day.Aussie dollars were buying about 65.7 US cents.
NAB's business confidence measure for October and the Westpac Consumer Confidence Index for November headline today's Australian economic calendar.This is general advice only and we have not considered your needs or objectives.
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