Pre-Market Report – Friday 9 May: US markets rally in UK trade deal | MQG, QBE, REA results

No intro music today !Wall Street rose as the US and the UK announced a trade deal although all three major indices shed some of their gains before market close. S&P 500 up 0.58%, NASDAQ up 1.07%. Dow rose as news of the trade deal was revealed but dropped before the close. Ended in the low-mid range. Up 254 points. Mixed sector performance. Bond yields rose on news of trade deal and sparked rotation out of defensive sectors. Utilities and Consumer Non-Cyclicals down. Industrials best performer. Up on news of trade deal. Boeing (+3.3%) boosted sector as UK announced it would purchase $10Bn worth of planes. Energy up with oil prices. Cyclicals did well as Amazon (+1.8%) and Tesla (+3.1%) were two of three best performers of the Magnificent 7. Alphabet (+1.9%) other after large drop the day before. Apple (+0.6%) rather muted given announcement of new specialised chips for smart glasses, AI and MacBooks. China-US trade uncertainty weighed on Apple. US auto makers up on news of trade deal despite criticising it. Ford (+0.0%), General Motors (+4.1%) and Stellantis (+5.0%) all said it would harm the US auto sector. Resources mixed. Did well considering USD strengthened. Aluminium and Tin up over 1%. Iron ore down over 1%, Lithium down over 2%.ASX to open flat. SPI futures up 3 points (+0.0%). 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.