Pre-Market Report – Tuesday 1 October: US markets stage late rally | China closed for a week

The S&P 500 rose to a record close on Monday, concluding a winning month and quarter. The Dow Jones Industrial Average gained 17.15 points, or 0.04%, to 42,330.15. The S&P 500 added 0.42% and closed at 5,762.48. Both indexes closed at records. The Nasdaq Composite advanced 0.38%, ending at 18,189.17.A late rally for month end helped after Powell's comments that more interest rate decreases could be forthcoming, but cautioned that the central bank did not have a preset path. If the economy moves as expected, he said to expect two rate cuts of a quarter percentage point each this year.“This is not a committee that feels like it’s in a hurry to cut rates quickly,” Powell said.In the month, the Dow advanced 1.9%, and the tech-heavy Nasdaq gained 2.7%. The S&P 500 added 2%, notching its first positive September since 2019. ASX SPI down 32COMMODITIESOil slumps 17% in Q3 as Middle East conflict offset by slowing demand.Copper takes top spot again as best prospect at LME Seminar.Copper output at Freeport's Manyar smelter delayed until November.Record run steers gold to best quarter in four years.Goldman Sachs raises gold price forecast to $2,900/oz for early 2025.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.