Pre-Market Report – Tuesday 30 July: US Markets Tread Water - SPI Down 55 - Quarterlies Continue

Market Updates

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.

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