Stocks Slip Ahead of Fed Meeting

The Dow closed above 52,000 for the first time ever, but beneath the surface a fierce rotation out of tech and into financials, industrials and real estate tells a different story. Mark Gardner breaks down why elevated put premiums on chip stocks and extreme price-to-sales ratios echo the 2021–22 software selloff, and what that means for portfolios positioned at the top of this range.Oil has crashed below $80 for the first time since March as markets front-run Friday's formal U.S.–Iran MoU signing in Switzerland — but with strategic reserves drained globally and demand still climbing, the pullback may be getting ahead of itself.SpaceX surged past Amazon to become the fifth-largest company in the world at $2.65 trillion, cemented a $60 billion deal for AI coding startup Cursor, and now faces a NASDAQ index inclusion that could trigger rebalance selling across the broader market. Mark explains the five key dates every SpaceX investor needs to watch.Plus: the RBA held rates at 4.35% but Bullock isn't ruling out more hikes, Flight Centre slashed guidance on Middle East disruption, and Kevin Warsh's first Fed press conference looms tomorrow morning AEST.Subscribe on Apple Podcasts, Spotify or YouTube — search MPC Markets or MPC Morning Call. Watch our webinars on demand at mpcmarkets.com.au.