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Wall Street rallied as the US and Iran signed a peace deal at Versailles, reopening the Strait of Hormuz and sending crude prices crashing toward pre-war levels. The S&P 500 gained 1.1% and the Nasdaq surged 1.9% on a record semiconductor rally, while new Fed Chairman Warsh’s hawkish debut projected rate hikes ahead. ASX futures point 0.6% lower as BHP faces a $3.3 billion potash impairment.
WordPress Excerpt: The Fed’s hawkish pivot rattled global markets overnight, with 9 of 18 officials now projecting a rate hike and the S&P 500 sliding 1.2% to 7,512.15. Two-year Treasury yields surged 17 basis points to 4.216% as gold fell 1.9% to $4,247.93, while ASX futures point to a 61-point drop at the open.
Wall Street split down the middle as a fierce sector rotation pulled the Dow to its first-ever close above 52,000 while tech selling dragged the S&P 500 and Nasdaq lower. Oil tumbled below $80 a barrel for the first time since March as markets price in a formal U.S.–Iran peace signing on Friday. The ASX is set to open softer, with futures down 21 points to 8,904.
The US and Iran have signed a memorandum of understanding for a 60-day ceasefire extension — not a full peace deal, but enough to send oil plunging to $81 and equities surging to record highs. Mark Gardner breaks down what it actually means for markets, why only one ship has been brave enough to transit the Strait of Hormuz, and whether the insurance companies and ship captains will believe Trump’s Friday reopening timeline.
Markets had a half session in the US on Friday night. Highly recommended to ignore the movement or price action in equities
The indexes shrugged off weakness in Nvidia as a jump in other megacaps, google and Meta along with health care and consumer stocks helped carry the broader market
The indexes shrugged off weakness in Nvidia as a jump in other megacaps, google and Meta along with health care and consumer stocks helped carry the broader market
Google led the market higher overnight as enthusiasm on their TPU technology and Gemini 3 re-ignited investors AI enthusiasm
Stocks bounced back on Friday on very thin hopes for a December rate cut, as Fed Williams went against all the recent Fed speak and suggested a cut could come soon.
Stocks were smashed overnight as an Nvidia led rout of the AI stocks, as rate cuts were taken off the table due to better than expected Payrolls.
Stocks gave up early gains after the minutes of the Fed’s October meeting cast doubt on a December rate cut, adding to cautious sentiment on risk just ahead of key earnings from bellwether Nvidia.
Tech led stocks, adding to recent losses as the selloff in AI related companies continued just a day ahead of key earnings from Nvidia and a long-awaited labour market reading for September due later this week.