Pre-Market Report – Thursday 24 April: US markets rally again | Gold sell down

Wall Street recorded a second day in the green as Trump stated he had “no intention of firing Powell” and Treasury Secretary Bessent renewed hopes of trade war de-escalation with China. S&P 500 up 1.67%, NASDAQ up 2.50%. Dow rose sharply but pared some gains throughout day. Closed near low. Up 420 points. Most sectors up. Growth sectors led rally. Tech and Consumer Cyclicals top two, benefitting from de-escalation. Apple, Microsoft and Alphabet all up >2%. Amazon and Tesla largest Consumer Cyclicals. Up 4.3% and 5.4%, adding to Tuesday’s 3.5% and 4.6%. Tesla up on relief rally that Musk will spend more time with company than Trump. Boeing up 6.1% after posting a better-than-expected loss for Q1. Novarax jumped 19.5% after the FDA asked for more data on its COVID vaccine. Resources mixed. Oil down 1.8% after reports OPEC+ might accelerate output in June. Iron ore up 1.7%, close to three week high Boosted by hopes of smoothing relations between the US and China. Up more than 15% this month after hitting 17-month low at start of April.ASX to rise. SPI futures up 13 points (+0.16%). Gold sold down - Anzac AheadWant 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.