Markets Overview

  • ASX SPI 200 futures up 0.3% to 8,000.00
  • Dow Average little changed at 41,969.92
  • Aussie up 0.5% to 0.6277 per US$
  • US 10-year yield fell 3.7bps to 4.1689%
  • Australia 3-year bond yield fell 0.2 bps to 3.70%
  • Australia 10-year bond yield rose 2.6 bps to 4.41%
  • Gold spot down 0.2% to $3,118.09
  • Brent futures down 0.4% to $74.45/bbl

Economic Events

  • 10:25: (AU) RBA’s Kent-Speech
  • 11:00: (AU) Australia to Sell A$800 Million 3.75% 2034 Bonds
  • 11:30: (AU) Feb. Private Sector Houses MoM, prior 1.1%
  • 11:30: (AU) Feb. Building Approvals MoM, est. -1.3%, prior 6.3%

A rally in the world’s largest tech companies lifted stocks as investors brushed off weak economic readings to focus on prospects for interest-rate cuts ahead of President Donald Trump’s tariff rollout.

In another volatile session, the S&P 500 wiped out a 1% slide that was triggered by weak manufacturing and jobs data. A gauge of the “Magnificent Seven” megacaps halted a four-day selloff. Treasury yields dropped as traders slightly boosted their bets on Federal Reserve policy easing. That’s despite a surge in a price measure. Canada’s loonie and Mexico’s peso gained on news the leaders of both countries held a “productive” call on trade.

It’s a been a dizzying period for investors bracing for Trump’s tariffs. As the deadline approaches, it’s not clear how far he’ll go in overturning the current rules-based system of global commerce. The uncertainty has shaken markets, prompted economists to cut their growth forecasts and forced central bankers to factor in the potential inflationary impact of import costs.

Trump’s tariffs will take immediate effect after they are announced Wednesday, his top spokeswoman said.

“Sentiment remains fragile before tariff day,” said Fawad Razaqzada at City Index and Forex.com. “With the exact scope of these measures still uncertain, you would imagine that investors remain cautious. The trajectory of stocks remains highly uncertain in the near-term outlook.”

The S&P 500 rose 0.4%. The Nasdaq 100 added 0.8%. The Dow Jones Industrial Average wavered. All seven megacaps gained, with Tesla Inc. up 3.6%. Conservative media outlet Newsmax Inc. surged more than 2,000% since its Monday debut. Johnson & Johnson tumbled after the company’s plan to settle thousands of talc-related lawsuits through bankruptcy was shot down in court.

The yield on 10-year Treasuries declined four basis points to 4.17%. The dollar was little changed.