Pre-Market Report – Monday 9 September: US drops on jobs number | WBC has a new king

Market Updates

US equities finished the week on a negative note, weighed down by concerns over a slowing labor market and a tech sell-off. All three major indexes finished lower, with almost all sectors in the S&P 500 finishing in the red. S&P 500 lost 1.73%, falling for a fourth consecutive session and the NASDAQ slid 2.55% dragged down by heavy losses in the Magnificent Seven. Nvidia -4.1%, Alphabet -4.1%, Meta -3.2%, and Microsoft -1.6%. The Dow closed near worst levels, down 410 points (-1.01%). Up 254 points at best. Down 458 points at worst. For the week Dow fell 2.93%, and S&P 500 dropped 4.24% their biggest weekly fall since March 2023, while the NASDAQ tumbled 5.78% its biggest weekly drop since January 2022.
ASX SPI Futures down 102 points

• Copper slid 1.1% driven by a stronger dollar and mixed US jobs data, stoking concerns over global growth.
• Tin rose 0.7% and is up ~21% this year, driven by tight supply and strong demand linked to the energy transition, reflected in higher semiconductor sales, according to BofA Securities analysts.
• Dalian iron ore futures fell 2.52% as soft Chinese economic data dampened demand expectations in the steel market.
• Gold prices fell 0.77% to $2,497 per ounce overnight, retreating from near-record levels.

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