Pre-Market Report – Wednesday 6 Mar: US tech drops, gold holds

Marcus Today Market Updates

The Nasdaq Composite pulled back by 1.65% to 15,939.59 as technology stocks felt the brunt of the market’s drop. The Dow Jones Industrial Average lost 404.64 points, or 1.04%, to 38,585.19. The S&P 500 dipped 1.02%, closing at 5,078.65.
ASX to fall. SPI Futures down 10 points (-0.13%). Bitcoin swoons and falls. Gold close to record high.
Powell Testimony ahead.

• Base metals came under pressure amid disappointment at the lack of big-ticket stimulus from China. Copper -0.38%, Nickel -0.84%, Aluminium -0.38%, Zinc +0.35%, Lead -0.37%, and Tin -0.09%.
• Gold up 0.63% at $2,129 per ounce, after having hit a record $2,141 earlier.
• Oil prices fell on doubts about China Achieving its economic growth target. WTI -0.70% and Brent Crude -0.97%. Lithium falls hard.
• 10Y Bond Yields – US 4.139%, Australia 4.041%, and Germany 2.319%.
• Currencies - Aussie dollar down 0.12% to 65.03US cents, USD Index flat, and Japanese Yen -0.37%.

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