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Pre-Market Report – Tuesday 30 July: US Markets Tread Water - SPI Down 55 - Quarterlies Continue
Manage episode 431346011 series 2991632
Wall Street ended virtually flat overnight ahead of a big week of tech earnings, Fed interest rate decisions and US labour data all due this week. The Dow slid 49 points (-0.12%). S&P 500 and NASDAQ finished near flat, up 0.08% and 0.07%, respectively. Small caps Russell 2000 underperformed, down 1.09% and Wall Street's ‘fear gauge’ the VIX rose 2.41%. Mcdonald's shares gained 3.7% despite reporting a surprise drop in sales, its first in 13 quarters, as executives pledge to launch new promotions. Telsa jumped 5.6% after Morgan Stanley added it to its “top pick” US autos list. Bitcoin hit seven-week highs before easing a touch resulting in some choppy trading in Crypto stocks. Coinbase fell 3.59%, while Marathon Digital and Riot Platforms fell over 5% each. US treasuries barely budged. 10Y yield eased 2.3bps, and 2Y yield rose 1.6bps. Markets are expecting a Hold from the Fed this week, while the consensus is that the Fed will cut in September, with the probability sitting at 88.7%, according to CME FedWatch tool.
ASX to slip. SPI Futures down 55 points (-0.69%).
COMMODITIES
- Union at BHP's Escondida mine urges rejection of contract offer, strike possible.
- Trump effect in clean tech sector deepens angst in Europe's boardrooms.
- Aluminium at 4-month low on short positions buildup, high inventory.
- Gold slips as dollar gains, traders eye Fed meeting.
- Dalian iron ore pares losses on better China data, stimulus hopes.
- Oil falls 2% as Israel seeks to avoid broader Middle East conflict.
Why not sign up for a free trial? Get access to expert market insights and manage your investments with confidence.
Ready to invest in yourself? Join the Marcus Today community.
1522 episoade
Manage episode 431346011 series 2991632
Wall Street ended virtually flat overnight ahead of a big week of tech earnings, Fed interest rate decisions and US labour data all due this week. The Dow slid 49 points (-0.12%). S&P 500 and NASDAQ finished near flat, up 0.08% and 0.07%, respectively. Small caps Russell 2000 underperformed, down 1.09% and Wall Street's ‘fear gauge’ the VIX rose 2.41%. Mcdonald's shares gained 3.7% despite reporting a surprise drop in sales, its first in 13 quarters, as executives pledge to launch new promotions. Telsa jumped 5.6% after Morgan Stanley added it to its “top pick” US autos list. Bitcoin hit seven-week highs before easing a touch resulting in some choppy trading in Crypto stocks. Coinbase fell 3.59%, while Marathon Digital and Riot Platforms fell over 5% each. US treasuries barely budged. 10Y yield eased 2.3bps, and 2Y yield rose 1.6bps. Markets are expecting a Hold from the Fed this week, while the consensus is that the Fed will cut in September, with the probability sitting at 88.7%, according to CME FedWatch tool.
ASX to slip. SPI Futures down 55 points (-0.69%).
COMMODITIES
- Union at BHP's Escondida mine urges rejection of contract offer, strike possible.
- Trump effect in clean tech sector deepens angst in Europe's boardrooms.
- Aluminium at 4-month low on short positions buildup, high inventory.
- Gold slips as dollar gains, traders eye Fed meeting.
- Dalian iron ore pares losses on better China data, stimulus hopes.
- Oil falls 2% as Israel seeks to avoid broader Middle East conflict.
Why not sign up for a free trial? Get access to expert market insights and manage your investments with confidence.
Ready to invest in yourself? Join the Marcus Today community.
1522 episoade
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