Day Trading Pre Market 11.1.24

Morning Gang

ASX Futures +7

The local index is poised to open modestly higher after a successful night in the US saw megacap Nvidia and the Meta drag tech higher, and the S&P 500 is within reach of clear air.
Nividia is already up 10% this year and is closing in on titan Amazons' market cap.

Iron Ore continues its slide of late losing 4% in Singapore on no news, raising the prospect of Index heavyweight BHP pressuring the local bourse
Oil fell in New York after US inventories unexpectedly swelled 1.34 million barrels, the biggest increase since mid-December according to Bloomberg

Later today the US SEC will announce its decision on Bitcoin ETFs
Ahead of that decision, the Chicago Board Options Exchange said on its website that eight new ETFs would begin trading on January 11
Ark Investment Management’s Cathie Wood told Bloomberg that approval of a spot Bitcoin ETF will be a “price-moving event” long-term, even if there is initial selling on the news because it will pave the way for institutions to increase their exposure to the token

US Banks kick off 4th quarter reporting season on Friday
Fundstrat Global’s Tom Lee: ”We think stocks have discounted a hot CPI. Thus, we expect markets to rally post-print. After all, the glidepath for inflation is lower since housing and cars are the driver and I don’t expect cars or housing to sustainably accelerate”

The market now awaits US Dec consumer price data 12.30pm Friday AEDT with Goldman Sachs expecting a 0.29% 3.3% (annual) headline CPI

Locally PM Airbus Albo is pressuring supermarkets to pass on to consumers lower prices in the face of falling wholesale prices
Insurers are next in line for scrutiny after gauging consumers a 16.3% rise in December


Highights from AFR

Enjoy the Session