Morning Report 09 Oct 24: Magnificent 7 rally as Nvidia's winning run hits 13%

A rally in the world’s largest tech companies is driving stocks higher today, with the market rebounding from its worst session in a month. U.S. Treasury yields have stabilised as traders anticipate gradual Fed rate cuts. Meanwhile, PepsiCo has lowered its revenue outlook as North American consumers cut back on snacks. Oil prices have dropped amid the prospect of a ceasefire in Lebanon, while Chinese stocks and metal prices slump due to disappointment over China’s stimulus efforts. Closer to home, a muted start is expected for Australian trade ahead of the Reserve Bank of New Zealand's rate decision, and the Australian dollar has weakened following dovish RBA meeting minutes. The content in this podcast is prepared, approved and distributed in Australia by Commonwealth Securities Limited ABN 60 067 254 399 AFSL 238814. The information does not take into account your objectives, financial situation or needs. Consider the appropriateness of the information before acting and if necessary, seek appropriate professional advice.See omnystudio.com/listener for privacy information.