Pre-Market Report – Thursday 1 August: ASX SPI up 17 - US markets jump - Meta Delivers -Fed Holds

US equities rallied overnight, driven by a surge in tech stocks and dovish commentary from Powell. The S&P 500 climbed 1.58%, with six out of 10 sectors advancing, led by tech and consumer cyclical stocks. The NASDAQ rose 2.64%, its second-biggest daily percentage gain since February, buoyed by gains in Nvidia, up 12.8%, on positive sales forecast by peer AMD, which also rose 4.34%. Philadelphia SE Semiconductor Index finished up nearly 7%. The Dow gained 99 points (+0.24%) up 455 points at best, and small caps Russell 2000 added 0.51%. For July, equities were mostly higher, with significant rotation out of tech, growth and momentum stocks and into small caps and value. Dow +4.41%, S&P 500 +1.13%, NASDAQ -0.75%, and Russell 2000 +10.10%. The Fed held rates at 5.25%-5.50% as expected. There were no explicit signals for a September rate cut. However, Powell said a rate cut could be on the table in September. US treasury yields tumbled. Both the 10Y and 2Y yields fell over ten basis points each. The US dollar fell 0.49% and Bitcoin eased 2.13%.ASX to rise. SPI Futures up 17 points (+0.21%). COMMODITIESOil gains nearly 3% on rising Mideast tension, falling US crude stockpiles.Gold climbs over 1% after Fed's Powell hints at early rate cut.Copper up on weaker dollar, hopes for Chinese stimulus.Tumbling lithium prices push Albemarle to fresh round of cost cuts.Chevron's proposed deal for Hess faces new delay over arbitration schedule.US oil demand set seasonal record in May, EIA data shows.Why not sign up for a free trial? Get access to expert market insights and manage your investments with confidence. Ready to invest in yourself? Join the Marcus Today community.