Wall Street drifted lower overnight as the recent recovery rally took a pause. The SP500 was down 0.53% and the Nasdaq 0.38%. That was at least slightly better than the futures trading suggested before the regular day session began.
The big action was in bitcoin, which dropped 6.4% for its sharpest daily decline since March, according to The Wall Street Journal. BTC is generally considered a great barometer of risk sentiment, so the recent action suggests any share market rally may struggle to get going. We know the market is sweating the next Fed meeting on December 10.
SPI futures up 6 points. ASX to open modestly higher.
The current FedWatch reading says odds of a rate cut are now 87.6%. Added to this is Trump announcing he’s decided on his pick for next Fed Chair, without yet revealing who. For big tech, Nvidia rose 1.6% after announcing a $2bn investment and partnership with a firm called Synopsys. The two companies say they want to “revolutionise” design and engineering across industries, including semiconductors, aerospace, automotive and robotics. Part of this will be using “digital twins” not available with traditional CPU computing. There were small moves for either way for the rest.
It was a decent session for industrial metals in London, all up except tin which was down a tiny amount. Gold and oil were steady.
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