Episode Details
Back to EpisodesPre-Market Report – Tuesday 1 October: US markets stage late rally | China closed for a week
Description
The S&P 500 rose to a record close on Monday, concluding a winning month and quarter. The Dow Jones Industrial Average gained 17.15 points, or 0.04%, to 42,330.15. The S&P 500 added 0.42% and closed at 5,762.48. Both indexes closed at records. The Nasdaq Composite advanced 0.38%, ending at 18,189.17.
A late rally for month end helped after Powell's comments that more interest rate decreases could be forthcoming, but cautioned that the central bank did not have a preset path. If the economy moves as expected, he said to expect two rate cuts of a quarter percentage point each this year.
“This is not a committee that feels like it’s in a hurry to cut rates quickly,” Powell said.
In the month, the Dow advanced 1.9%, and the tech-heavy Nasdaq gained 2.7%. The S&P 500 added 2%, notching its first positive September since 2019.
ASX SPI down 32
COMMODITIES
- Oil slumps 17% in Q3 as Middle East conflict offset by slowing demand.
- Copper takes top spot again as best prospect at LME Seminar.
- Copper output at Freeport's Manyar smelter delayed until November.
- Record run steers gold to best quarter in four years.
- Goldman Sachs raises gold price forecast to $2,900/oz for early 2025.
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