Why IMU is a multi multi bagger, page-22354

In Europe, markets were mainly flat overnight.

The FTSE rose 38 points (.48%), the DAX rose 35 points (.19%) and the CAC was down a single point (.02%).

US trading was very interesting. At midday, all indices were in the green - then there was a massive sell-off in the afternoon.

The DOW closed lower by 530 points (1.35%), the NBI fell 55 points (1.28%), the NASDAQ Composite fell 228 points (1.40%) and the Russell small cap index fell 22 points (1.08%).

Comments from the US Fed stated that interest rate cuts may not be needed in 2024 if inflation remains sticky. Markets were spooked by the comments.

Escalating tensions between Israel and Iran are also a worry for markets.

Markets are also awaiting the US jobs report out tomorrow.

Funds flowed out of the share market and into US bonds - so much so that the yield actually had a major drop.

US Treasury 10 year bond yield is at 4.31%.

Oil prices have surged - partly due to the tensions between Israel and Iran. Brent crude is at $90.80 per barrel.

The gold price is at US$2,286 per oz. Was over US$2,300 overnight.

BITCOIN sits at US$67,617.

Could get very ugly on the ASX today as we normally follow the movements on the Dow Jones.