Episode Details

Biden withdraws from US Presidential Race - US Futures opening slightly positive.

Wall Street ended the week lower. A global technical outage cause caused by a software glitch resulted in global chaos with grounded flights, and upended markets disrupting businesses around the world. CrowdStrike was behind the massive IT failure. A glitch in their software caused Microsoft’s Windows operating system to crash. Its stock fell as far as 15% before paring losses, ending 11.10% lower. The Dow traded lower all session, down 377 points (-0.93%). Down 462 points at worst. S&P 500 dropped 0.71%, and the NASDAQ fell 0.81%. Russell 2000 eased 0.63%, and VIX rose another 3.70% touching its highest level since April. Nvidia -2.6% lead a sell-off in chip stocks, pressuring the Philadelphia SE Semiconductor index 3.1% lower. Treasury yields rose. 10Y yield up 4.1bps, and 2Y yield up 4.6bps, both rising from four-month lows hit earlier in the week.

ASX SPI down 67 points.

COMMODITIES

• China copper smelters eye more output cuts as raw material supply tightens.
• Copper extends downturn to three-month low on China economic gloom.
• London Metal Exchange systems not affected by global cyber outage.
• Oil down $2 as investors eye Gaza ceasefire hopes.
• Gold slips from all-time peak on profit taking, firmer dollar.
• Iron ore posts weekly loss on lack of China stimulus, demand outlook.

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