Pre-Market Report – Thursday 17 October: Dow hits new record | Jobs data at 11.30am

US equities finished higher overnight with traders rotating out of mega caps and into smaller firms. Russell 2000 gained 1.64% and has hit its highest level in almost three years and the S&P Small Cap 600 gained 1.4%. The Dow closed at a record high for the third time in the last four sessions, up 337 points (+0.79%), ending above 43,000. Up 360 points at best. Down 48 points at worst. The S&P 500 closed just short of another record high, finishing up 0.47% buoyed by gains in financial stocks. Morgan Stanley rallied 6.5% after posting strong profits and a significant increase in investment banking revenue. The S&P 500 Banks Index gained 1.15%, and the KBW Nasdaq Regional Banking Index rose 1.54% supported by gains in First Horizon +4.1% and US Bancorp +4.7 following Q3 results. Tech-heavy NASDAQ managed to rise 0.28% despite losses in Apple -0.9%, Meta -1.6%, Alphabet -0.1%, and Microsoft -0.6%. Nvidia found buyers, advancing 3.1% recouping some of the 5% loss in the previous session.ASX to jump on the opening bell. SPI Futures up 60 points (+0.72%). COMMODITIES'Age of electricity' to follow looming fossil fuel peak, IEA says.Oil prices hold at 2-week low on lower oil demand growth forecasts.Copper bounces from key technical level on China hopes.Pullback in US yields spurs gold's march toward record peak.Despite Mideast tensions, oil traders are still decidedly bearish on 2025 oil outlook.Serbian protestors rally to oppose Rio Tinto's lithium mine project.Barrick reports lower-than-expected preliminary gold output in third quarter.Return of Libyan exports weighs on European crude market.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.