Pre-Market Report – Tuesday 13 May: US markets soar, Dow up over 1000 | Gold falls

Wall Street jumped as the US and China agreed to cut tariffs for 90 days. Chinese imports are cut from 145% to 30%. US imports are cut from 125% to 10%. S&P 500 up 3.26%, NASDAQ up 4.35%. Dow jumped at open at inched upward throughout the session. Closed up 1161 points, just 8 off high. Broad rally. All sectors up except Utilities. Flat. Cyclicals and Tech best performers. Amazon (+8.1%) and Tesla (+6.7%) boosted the former. Defensive sectors were the laggards as risk-on sentiment reigned. Still recorded gains. Healthcare was up despite Trump's executive action to lower drug prices. Seen as vague and difficult to enforce. Pfizer rose 3.6%, Eli Lilly up 2.9%, Moderna jumped 6.0%. Investment banks up as outlook for risk assets improved. Goldman Sachs, Morgan Stanley and Citigroup all recorded gains of over 4%. Apple up 6.3% on tariff news. Same day it announced it would use AI to help preserve iPhone battery life. Resources mixed. Some jumped on news – Aluminium, Iron Ore. Others down. Nickel down 1.4%, Lithium down 1.0%.ASX to rise. SPI futures up 97 points (+1.17%).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.