Market Wraps

Morning Wrap: ASX 200 to rise, S&P 500 gains for an 8th day

Thu 09 Nov 23, 8:36am (AEDT)

ASX 200 futures are trading 28 points higher, up +0.40% as of 8:20 am AEST.

Major US benchmarks are running hot, oil falls to levels not seen since July, the US 10-year yield drops to 4.5%, Robinhood shares tumble as trading activity winds down and German inflation drops to a 27-month low.

Let's dive in.

Overnight Summary

Thu 09 Nov 23, 8:27am (AEDT)

Name Value % Chg
Major Indices
S&P 500 4,383 +0.10%
Dow Jones 34,112 -0.12%
NASDAQ Comp 13,650 +0.08%
Russell 2000 1,712 -1.23%
Country Indices
Canada 19,530 -0.23%
China 3,052 -0.16%
Germany 15,230 +0.51%
Hong Kong 17,568 -0.58%
India 64,976 +0.05%
Japan 32,166 -0.33%
United Kingdom 7,402 -0.11%
Name Value % Chg
Commodities (USD)
Gold 1,955.7 -1.00%
Iron Ore 125.95 -
Copper 3.639 -1.29%
WTI Oil 75.63 -2.36%
Currency
AUD/USD 0.6404 -0.44%
Cryptocurrency
Bitcoin (AUD) 55,589 -0.17%
Ethereum (AUD) 2,959 -0.35%
Miscellaneous
US 10 Yr T-bond 4.523 -1.05%
VIX 14.39 -2.84%

US Sectors

Thu 09 Nov 23, 8:27am (AEDT)

SECTOR % CHG
Information Technology +0.64%
Real Estate +0.58%
Industrials +0.27%
Materials +0.26%
Communication Services +0.11%
Financials +0.06%
SECTOR % CHG
Health Care -0.14%
Consumer Discretionary -0.25%
Consumer Staples -0.42%
Utilities -0.73%
Energy -1.22%

S&P 500 SESSION CHART

S&P 500 intraday
S&P 500 edges higher in a relatively uneventful session (Source: TradingView)

MARKETS

  • S&P 500 finished higher, recovering from an early session low of -0.43%

  • S&P 500 up for 8 consecutive sessions, longest since October 2021

  • Nasdaq up for a ninth straight day, longest streak since November 2021

  • S&P 500 VIX Index down for 8 consecutive sessions to a near 2-month low

  • US 10-year yield down 43 bps since the beginning of November to 4.50%

  • Brent crude down ~2%, below US$80 a barrel for the first time since July 

  • Market remains in a sweet spot – Normalising from oversold conditions with yields, oil and VIX all down

  • Market pricing in ~92 bp of Fed rate cuts in 2024 (Bloomberg)

STOCKS

  • Automakers slowing investment in EV factories amid weakening demand (NY Times)

  • UBS launches first AT1 bonds since Credit Suisse takeover wiped out $17bn (FT)

  • Upstart tumbles more than 27% after missing Q3 earnings estimates (CNBC)

  • Occidental Petroleum clumps after Q3 earnings tops expectations (CNBC)

  • Roblox beats bookings estimates on higher in-game spending (Reuters)

  • Robinhood shares dive on Q3 earnings miss, muted trading activity (Reuters)

  • New UAW contracts further strain economics of making and selling EVs (Bloomberg)

  • FDA approves Eli Lilly's obesity drug tirzepatide (CNBC)

CENTRAL BANKS

  • Fed officials flag tighter financial conditions (Bloomberg)

  • Central bankers at odds over how to respond to a possible jump in oil prices (FT)

  • BOJ Governor Ueda hints chance of exit from ultra-loose policy (Reuters)

  • Bundesbank chief Nagel says ECB must remain vigilant (Bloomberg)

  • ECB's Kazaks says central bank can cut rates when inflation is defeated (Bloomberg)

ECONOMY

  • German inflation eases to 27-month low in October (Reuters)

  • Japan manufacturer sentiment rises for first time since August (Reuters)

  • PBOC Governor Pan says monetary policy will remain prudent, confident of meeting 2023 growth target (Reuters)

  • China oil demand weakens as refiner margins shrink (Bloomberg)

  • Global asset managers talk up China, championing long-term opportunities (Reuters)

Industry ETFs

Thu 09 Nov 23, 8:28am (AEDT)

Name Value % Chg
Commodities
Silver 20.6548 -0.36%
Steel 64.99 -0.50%
Lithium & Battery Tech 48.5414 -1.02%
Strategic Metals 57.33 -1.12%
Uranium 26.025 -2.42%
Copper Miners 31.945 -2.67%
Gold Miners 27.69 -3.15%
Industrials
Global Jets 15.845 +0.92%
Agriculture 22.26 +0.45%
Construction 52.62 -0.15%
Aerospace & Defense 112.741 -0.16%
Healthcare
Cannabis 5.68 +0.35%
Biotechnology 118.48 -1.51%
Name Value % Chg
Cryptocurrency
Bitcoin 18.015 -0.69%
Renewables
CleanTech 9.25 -1.70%
Hydrogen 6.25 -2.19%
Solar 42.51 -3.19%
Technology
Video Games/eSports 54.06 +0.93%
Sports Betting/Gaming 16.02 +0.82%
FinTech 19.96 +0.66%
Cybersecurity 24.15 +0.12%
Semiconductor 477.88 +0.10%
Cloud Computing 18.9 -0.11%
Robotics & AI 24.31 -0.33%
Electric Vehicles 21.99 -0.59%
E-commerce 18.18 -0.82%

There's no cool insights today. I'm headed to Sydney this morning!

Key Events

ASX corporate actions occurring today:

  • Trading ex-div: Westpac (WBC) – $0.72, Acorn Capital (ACQ) – $0.04, Waterco (WAT) – $0.05 

  • Dividends paid: Dexus Industria REIT (DXI) – $0.04, Dexus Convenience Retail REIT (DXC) – $0.05

  • Listing: None 

Economic calendar (AEDT):

  • 12:30 pm: China Inflation Rate

  • 6:00 am: Fed Chair Powell Speech

Written By

Kerry Sun

Content Strategist

Kerry holds a Bachelor of Commerce from Monash University. He is an avid swing trader, focused on technical set ups and breakouts. Outside of writing and trading, Kerry is a big UFC fan, loves poker and training Muay Thai. Connect via LinkedIn or email.

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