Pre-Market Report – Wednesday 9 October: US markets push higher | Oil drops hard

US equities bounced back overnight recovering the previous session's losses buoyed by gains in tech stocks. The Dow added 126 points (+0.030%). Up 174 points at best. Down 80 points at worst. The S&P 500 is up 0.97%, within striking distance of its all-time high, and the NASDAQ gained 1.45%. Chipmakers led gains, with Nivida up 4.0% extending its five-day rally to 14%. Small caps eked out a small gain, Russell 2000 up 0.09%, and Wall Streets volatility gauge, the VIX dropped 5.39% from its highest level since August. US treasuries were little changed. 10Y yield down 1bps and 2Y yield down 2.8bps. WTI and Brent crude fell over 4% each on news of a possible ceasefire between Hezbollah and Israel. Iron ore and Dalian down sharply, off 5.95% and 2.27%, after investors unwound long positions to lock in profits after stimulus measures from China missed expectations.ASX to rebound. SPI Futures up 15 points (+0.18%). REA AGM today. COMMODITIESIron ore rides a roller coaster as China stimulus-driven frenzy fades.Oil falls over 5% intra-day amid uncertainty over Israeli retaliation and lackluster China stimulus.Gold set for biggest drop in over a month as bets on large Fed rate cut recede.Aluminium nears two-week low as energy prices drop.EIA cuts US oil production for next year; now expects production to grow by just 320K bpd.Mali says Barrick Gold owes $500m in taxes, fines.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.