ASX 200 flat, S&P 500 snaps 8-day winning streak

Get up to date on overnight market activity and the big events for the day.
The Morning Wrap

Livewire Markets

ASX 200 futures are trading 5 points lower, down -0.07% as of 8:20 am AEST.


Source: Market Index
Source: Market Index

S&P 500 SESSION CHART

S&P 500 snaps win streak, closes near worst levels (Source: TradingView)
S&P 500 snaps win streak, closes near worst levels (Source: TradingView)

MARKETS

Another modified (aka shorter) Morning Wrap. Cool insights will be back next week!
  • S&P 500 snaps 8-day win streak, the best rally since 2021
  • A 9-day run for the S&P 500 has only happened 31 times in the last 95 years
  • US 10-year yield rallies 14 bps, marking a sizeable bounce from 4.5%
  • All S&P 500 sectors lower, led by growth and yield-sensitive sectors
  • Higher-for-longer Fed and yield bounce weighed on equities
  • Mega cap tech stocks are now outperforming small caps by the largest margin since the Dot Com Bubble
  • AAII sentiment spread marks largest week-over-week increase in bullish sentiment in its survey history, bearish sentiment below average for first time in eight weeks
  • Markets more focused on Treasury auctions as a potential driver of yields (Bloomberg)
  • Investors worry further declines in yields could keep Fed in a hawkish stance (Reuters)
  • Japanese investors bought most Treasuries in six months in September (Bloomberg)
  • China ask brokerages to restrict leverage for stock trades, sources say (Reuters)
  • IPO market unusually quiet in historically busy period of November (CNBC)
  • Bitcoin reached 18-month high of US$37,000 on regulatory optimism (Yahoo)

STOCKS

  • Meta CEO Mark Zuckerberg dumps US$35m worth of stock, first sale in two years
  • Disney streaming subscriber growth tops expectations, company plans to accelerate cost cutting (Bloomberg, Reuters)
  • Chinese local media says Nvidia plans to release three new chips (Reuters)
  • Affirm shares surge on quarterly earnings beat (Reuters)

CENTRAL BANKS

  • Fed's Bostic and Barkin says economy has yet to feel the full impact of hikes (Bloomberg)
  • BOJ tweaked YCC to maintain market functioning (Reuters)
  • BOJ Ueda says central bank will move carefully on raising interest rates (FT)
  • Former BOJ executive believes NIRP will end as early as January (Reuters)
  • ECB VP de Guindos says rate cut talk clearly premature (Bloomberg)
  • ECB's Villeroy says central bank done with rate hikes unless more shocks (Bloomberg)
  • Powell says inflation has given policymakers a few “head fakes” and that the Fed will not hesitate to hike further (CNBC)
  • Powell elaborates on the fed's current, conditional pause

GEOPOLITICS

  • Israeli troops in heart of Gaza City as G7 urges humanitarian pause (Reuters)
  • Blinken says Palestinian Authority should rule unified Gaza and West Bank (FT)
  • US fires upon weapons depot in Syria used by Iran, citing retaliation for attacks (Reuters)
  • Biden, Xi may resume of military-to-military communications to global stability (Axios)
  • Bipartisan group of US lawmakers want Biden administration to raise tariffs on Chinese-made vehicles (Reuters)

ECONOMY

  • China slips back into deflation on lower food prices and soft demand (Reuters)
  • Japan could give $13bn in aid for chips and generative AI in stimulus budget (Nikkei)
  • Japan's current account surplus tripled to record in H1 (Bloomberg)

KEY EVENTS

ASX corporate actions occurring today:

  • Trading ex-div: SSR Mining (SSR) – $0.08, Janus Henderson Group (JHG) – $0.6
  • Dividends paid: Newmark Property REIT (NPR) – $0.01
  • Listing: Great Dirt Resources (GR8) at 12:30 pm, Tolu Minerals (TOK) at 12:00 pm

Economic calendar (AEDT):

  • 11:30 am: RBA Statement of Monetary Policy
  • 6:00 pm: UK Q3 GDP
  • 11:30 pm: ECB President Lagarde Speech
  • 2:00 am: US Consumer Sentiment
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The Morning Wrap
Markets Wrap
Livewire Markets

Livewire and Market Index's pre-opening bell news and analysis wrap. Available weekday mornings and written by Kerry Sun.

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