Pre-Market Report – Tuesday 5 November: US markets slip | RBA and Melbourne Cup

Wall Street closed in the red overnight following a choppy day of trade as polls continue to show a tight race in the US presidential election. The Dow Jones traded lower all session, down 258 points (-0.61%). Down 405 points at worst. S&P 500 lost 0.28% as utilities and healthcare stocks dragged while energy stocks outperformed buoyed by a near 3% rise in crude oil prices. The NASDAQ fell 0.33% while small caps Russell 2000 rose 0.40% supported by falling bond yields. US 10Y yield fell 8.1bps after initially dropping over 10bps in volatile trade, and the 2Y yield dipped 4.2bps. Probability for a 25bps rate cut this week sitting at 98% according to CME FedWatch tool.ASX to fall. SPI Futures off 34 points (-0.42%).COMMODITIESOil jumps nearly 3% after OPEC+ delays output hike, US election in focus.Weaker dollar propels copper to two-week peak.Gold edges up as US election jitters, Fed policy meeting loom.OPEC chief says there is too much pessimism around oil demand.OPEC oil output rises in October as Libyan supply rebounds, survey finds.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.