Pre-Market Report – Thursday 19 June: US markets ease | Fed on hold

Wall Street oversaw a mixed, flat and choppy session as the Fed kept rates the same, as expected. Markets still expect two rate cuts this year but now only expect one in 2026 and a further cut in 2027 after Powell made clear the importance of waiting and seeing the effects of tariffs on inflation. S&P 500 flat, Nasdaq up 0.13%. Dow rose at open, fell a little throughout the day, and dropped after Powell’s comments. Ended near low, down 44 points. Mixed sector performance. Financials best performer, Wells Fargo leading the charge with a gain of 3.1% without major news. Utilities and REITS also up despite yields remaining rather unchanged, while defensives such as Staples got a minor boost from stable yields.Energy worst performer, shedding some of its gains from the last three sessions. Materials, Industrials, Tech all gave up 0.3%, but no major movements. No significant company news. Microsoft (+0.5%) is prepared to abandon its negotiations with OpenAI as tensions rise between the two companies. Yesterday, we noted OpenAI was considering accusing Microsoft of monopolistic practices within their agreement. Intel (+3.3%) appointed three chip industry executives to its engineering and networking department.Resources mixed. Oil steady after recent double digit jumps following Israel-Iran conflict. Copper and iron ore down while nickel, zinc and lead all found strength.ASX to fall. SPI futures down 31 points (-0.36%). If you’re short on time, consider listening at 1.5-2x speed, which should be shown on the screen of your device as you listen. This won’t just reduce your listening time; it has also been shown to improve knowledge retention. 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.