US equities finished higher overnight with traders rotating out of mega caps and into smaller firms. Russell 2000 gained 1.64% and has hit its highest level in almost three years and the S&P Small Cap 600 gained 1.4%. The Dow closed at a record high for the third time in the last four sessions, up 337 points (+0.79%), ending above 43,000. Up 360 points at best. Down 48 points at worst. The S&P 500 closed just short of another record high, finishing up 0.47% buoyed by gains in financial stocks. Morgan Stanley rallied 6.5% after posting strong profits and a significant increase in investment banking revenue. The S&P 500 Banks Index gained 1.15%, and the KBW Nasdaq Regional Banking Index rose 1.54% supported by gains in First Horizon +4.1% and US Bancorp +4.7 following Q3 results. Tech-heavy NASDAQ managed to rise 0.28% despite losses in Apple -0.9%, Meta -1.6%, Alphabet -0.1%, and Microsoft -0.6%. Nvidia found buyers, advancing 3.1% recouping some of the 5% loss in the previous session.

ASX to jump on the opening bell. SPI Futures up 60 points (+0.72%).

COMMODITIES

• 'Age of electricity' to follow looming fossil fuel peak, IEA says.
• Oil prices hold at 2-week low on lower oil demand growth forecasts.
• Copper bounces from key technical level on China hopes.
• Pullback in US yields spurs gold's march toward record peak.
• Despite Mideast tensions, oil traders are still decidedly bearish on 2025 oil outlook.
• Serbian protestors rally to oppose Rio Tinto's lithium mine project.
• Barrick reports lower-than-expected preliminary gold output in third quarter.
• Return of Libyan exports weighs on European crude market.

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