Pre-Market Report – Tuesday 9 July: The S&P 500 hits its 35th record high this year, up 0.10%.

Market Updates

ASX to rise. SPI Futures up 17 points (+0.22%).

The S&P 500 hits its 35th record high this year, up 0.10%. The NASDAQ notched its fifth consecutive record high close, up 0.28%, buoyed by chip stocks. Blue chip Dow Jones edged lower, down 31 points (-0.08%). Up 279 points at best. Down 97 points at worst. Nvidia gained 1.9% after UBS raised its target, Intel rallied over 6%, and AMD gained 4%, lifting the Philadelphia semiconductor index by 1.9%. Expectations for an earlier rate cut have risen following Friday’s nonfarm payrolls, which showed US job growth slowing. Chances of a rate cut in September have risen to 72.2% from 59.8% one week ago, according to CME FedWatch. Short-dated Treasuries rise, 2Y yield rose 2.9bps sensitive to rate expectations, while the 10Y yield held steady. Bitcoin bounced, paring earlier losses on concerns about possible sales by creditors of the failed Mt. Gox exchange, and the USD Index gained 0.14%.
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