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Daily Market Update: US Stocks Rally as Fed Cuts Rates, Dollar and Yields Drop, Oil and Gold Gain

US Stocks rallied again in trading yesterday as the market saw some unwinding of the immediate ‘Trump Trades’ and the Fed cut by 25-basis points as expected.

Treasury yields and the dollar both fell whilst Oil and Gold prices pushed higher in line with the lower dollar and market uncertainty.

There is little on the event calendar over the course of the day although Canadian employment data could shake up the Loony on the New York open, however traders are expecting more volatile trading conditions as investors continue to digest the US election result and the Fed’s rate cut.

Market	Daily Change	Close
Dow	-0.01%	43,729
S&P	+0.74%	5,973
Nasdaq	+1.51%	19,269
USD	-0.67%	104.40
US Treasury – 2 Year	-6.9 bps	4.218%
US Treasury – 10 Year	-9.1 bps	4.335%
Oil – Brent	+0.95%	$75.69
Oil – WTI	+0.93%	$72.36
Gold	+1.2%	$2,691.36

Today’s Events AEST:

US Session

12.30 am – Canada – Employment Data
2.00 am – US – University of Michigan Consumer Sentiment Data
2.00 am – US – University of Michigan Inflation Expectations Data
Weekend – China – CPI and PPI Data

Last Updated: November 8, 2024

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