Pre-Market Report Thursday 25 September: Second consecutive day of losses | Freeport-McMoRan falls 17%

Wall Street recorded a second consecutive day of losses as markets continued to digest Powell’s comments from earlier in the week, that equity valuations seemed slightly stretched and the Fed was walking the tightrope between a weakening labour market and persistent inflation. S&P 500 down 0.3%, Nasdaq fell 0.3%. Dow fell steadily throughout the first hours of trading and found its floor around noon. Closed near low, down 172 points. Mixed sector performance. Materials, REITs and Tech the three worst performers. Materials was dragged down by Freeport-McMoRan which fell 17% after declaring force majeure at its Grasberg mine in Indonesia. At the opposite end, Energy was once again the biggest gainer, followed oil up as US stockpiles tightened, hit 7-week high. Cyclicals and Utilities also did well.ASX to fall. SPI futures down 45 points (-0.51%).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.