Pre-Market Report – Thursday 12th September: US markets rally after CPI and Nvidia

All three major US indexes closed higher overnight, with a rebound in tech stocks offsetting earlier losses following a disappointing inflation report, which crushed hopes for a 50bps cut from the Fed next week. Wide range from Dow overnight. Up 167 points at best. Down 744 points at worst. Finishing up 125 points (+0.31%). The S&P 500 gained 1.07%, it was the first time the index has bounced back from an intraday low of at least 1.5% since October 2022. The S&P 500 Tech Index rose 3.25%, supported by gains in Nvidia up 8.1%, following reports that the US government is considering letting them export chips to Saudi Arabia.ASX SPI up 50COMMODITIESPutin says Russia considering export limits on uranium, titanium, and nickel to protest Western sanctions.China's CATL says plans to adjust lithium production in Jiangxi.Vale bumps up 2024 iron ore production forecast, shares rise.Peru copper output this year forecast below expectations, deputy minister says.Nippon Steel trying to salvage its $14.9bn bid for US Steel.Oil recovers on worries about Hurricane Francine.US oil stocks build as crude imports rise, fuel demand weakens – EIA.Gold falls as CPI data dampens talk of oversized US rate cut.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.