Pre-Market Report – Thursday 18 July: US Markets 'ChipWrecked' - Nasdaq Falls 2.8% SPI Down 43 - DMP Downgrades

Nasdaq, S&P 500 end sharply lower, hit by chips, megacaps; Dow extends rally.Trade fears hamper tech stocks, dollar falls amid rate cut talk.ASX to fall, Nasdaq tumbles as semiconductor stocks plunge  SPI down 43 pointsChip stocks shed over $500 billion in value on China trade fears.Europe's STOXX 600 falls for third straight session as tech drags.Top Fed officials say they are 'closer' to cutting interest rates.Yen surges on possible intervention, sterling hits one-year high.COMMODITIESIron ore slumps to three-week low on weak China demand, strong global supply.Copper dips as China demand fears balance dollar slump.Oil prices gain 2% on big US storage withdrawal, weaker US dollar.Gold extends record rally on Fed rate-cut bets, softer dollar.Miner Vale sees iron ore output at high-end of 2024 guidance after Q2 rise.US crude stockpiles fall sharply, fuel builds, EIA says.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.