Pre-Market Report – Friday 4 July: US markets at highs, ASX to follow | Jobs numbers and OBBB cheer

Wall Street continued to reach new heights as a stronger-than-expected nonfarm payrolls report reinforced the strength of the US economy and Nvidia approached a valuation of $4T, coming close to breaking Apple’s record as the most valuable company ever. S&P 500 up 0.83%, Nasdaq up 1.02%. Dow rose early in the day and steadied from about 11am onwards, ending the session near its high. Up 344 points. All sectors up with the worst performing sector, Materials, remaining flat after a positive Wednesday. Financials the best performer, positive reaction to nonfarm payrolls and underlying strength of US economy. Tech a close second. ServiceNow and Crowdstrike both recorded gains of around 3.5%. Nvidia gained 1.3% as it comes close to becoming the most valuable company ever. Utilities was the third best performing sector, demonstrating the breadth of the previous session’s euphoria – yields ticked up after nonfarm payrolls dashed hopes of a July cut, should have dampened Utilities performance.

ASX to rise. SPI futures up 26 points (+0.3%).

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