Pre-Market Report – Thursday 20 August: US markets rise - Yields drop on surprise intervention - SPI up 27 - BXB - FMG - CWY results

US stock indices closed mixed on Wednesday as losses in AI infrastructure and bank stocks offset gains in other sectors. The S&P 500 added 0.2% and the Dow gained 120 points, while the Nasdaq shed 0.2%. The Treasury doubled the limit on buybacks of long-term securities for next quarter, adding to a series of measures aimed at controlling the recent surge in longer-term benchmark borrowing costs. Alongside lower rates, the prospect of increased dollar liquidity from the Treasury’s intervention also supported equities. This was combined with FOMC minutes confirming that some policymakers believe rate hikes may be appropriate this year. Retail stocks were mostly higher after TJX (-4.2%), Target (+4.3%) and Lowe’s (+2%) reported earnings. The pharmaceutical sector rallied, with Merck up 12.6% and Moderna surging 177% after a trial of their joint vaccine reduced melanoma recurrence. Meanwhile, tepid results from OpenAI pressured chip producers, with AMD (-3.7%) and Intel (-4%) dropping.SPI up 27 - Gold soars - Results in focus - BXB - FMG - CWYMarcus Today – Daily Market InsightsMarcus Today provides clear, practical commentary for self-directed investors – covering markets, portfolios, education, and decision-making without the noise.If you'd like to go further:Start a free 14-day trial of Marcus Today http://bit.ly/mt-trial-podcastJoin Marcus Today Use code MTPODCAST for 10% off http://bit.ly/mt-join-podcast-offerMT20 – Managed ETF Portfolio A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing. http://bit.ly/mt20-podcastPrinciples – How We Think About Investing A short video series on timing, behaviour, and decision-making. No stock tips. http://bit.ly/mt-principles-podcast—Disclaimer This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.