Pre-Market Report – Friday 5 September: Classic case of bad news is good news

Wall Street recorded a broad and positive session as JOLTS data, weaker than expected, convinced markets that the Fed would likely cut when they meet later this month. Classic case of bad news is good news. S&P 500 up 0.8%, Nasdaq up 1.0%. Dow steadily rose throughout the day. Closed near high, up 350 points. All sectors up. Cyclicals the top performer, boosted by gains of 4.3% in Amazon. Financials, Industrials and Tech followed.ASX to rise. SPI futures up 52 points (+0.59%).In corporate news, Broadcom rose 1.2% ahead of earnings as markets bet on its AI edge. Amazon and Meta’s gains of 4.3% and 1.6% added to broader growth momentum, lifting sentiment. Salesforce dropped 4.9% after weak revenue guidance pointed to sluggish AI monetisation. American Eagle Outfitters jumped 37.9% on upbeat sales outlook.Resources down. Oil down as US crude stockpile rises while OPEC weighs another supply increase. Copper, nickel and aluminium all fell while iron ore rose on fresh hopes for rising Chinese demand.Want to invest with Marcus Today? The Managed Strategy Portfolio is designed for investors seeking exposure to our strategy while we do the hard work for you. If you’re looking for personal financial advice, our friends at Clime Investment Management can help. Their team of licensed advisers operates across most states, offering tailored financial planning services.  Why not sign up for a free trial? Gain access to expert insights, research, and analysis to become a better investor.