US tech stocks drove markets up last night off the back of better-than-expected earnings reports and an improvement in consumer confidence. The Dow Jones rose 527 points (+1.6%). At worst it was up 178 points and at best it was up 588 points. The NASDAQ finished the session up 1.54%, the S&P 500 gained 1.49%. In Europe, STOXX 600 was up 1.17%, FTSE +1.7% DAX +1.5% CAC +2.0%. SPI Futures are up 41 points (+0.53%).

Commodities rallied overnight, most base metals continued their rally as the US dollar continued to drop. Nickel and lead flying ahead, up 4.33% and 1.33%, respectively. While aluminium, copper and tin rose 0.63%, 0.23% and 0.65%, respectively. The only base metal to drop overnight was Zinc, falling 2.57%. Oil prices performed well, brent crude up 3.16% and WTI up 2.97%. Coal was unchanged, natural gas up 0.11%, nowhere near enough to claw back yesterday’s losses. Gold was down 0.16%, and bitcoin fell 0.8% overnight.

• Biden and Zelenskiy show solidarity at White House in first wartime visit.
• U.S. consumer confidence rebounds; existing home sales sink.
• Wall Street jumps with help from Nike, FedEx and consumer sentiment.
• Musk to step down as Twitter CEO once he finds 'someone foolish' enough as successor.
• FTX founder Bankman-Fried consents to extradition.
• U.S. slaps sanctions on Iran officials over protest crackdown.
• For Japan's small businesses, central bank move serves up more uncertainty.
• Oil prices rise over $2 on drawdown in U.S. crude stocks.
• World shares advance but face most monthly losses since 2008.
• Recession, rate hikes seen jamming brakes on global 2023 earnings growth.
• European Commission clears Germany's Uniper bailout.
• Core Scientific files for bankruptcy as crypto winter bites.
• U.S. dollar likely has further upside vs yen despite BOJ move.
• Japanese insurers likely to provide tailwind to yen as BOJ shifts.

Tune in to Henry Jennings’ Pre-Market Podcast to get in the know for the day ahead.

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