Marcus Today Pre-Market Podcast – Thursday 20th July

US equities closed higher overnight, and the US dollar strengthened after a surprise cooling of UK inflation bolstered sentiment across global markets. The Dow rose 109 points (+0.31%), marking its eighth straight day of gains, its longest streak since September 2019. Dow at best up 282 points. S&P 500 up 0.24%, reaching levels not seen since April 2022, while a decline in Microsoft and Google held the NASDAQ near the unchanged mark +0.03%. US 10Y treasury yields fell overnight following new home construction data for June but remained above its month low, as the market bets the Fed is nearing the end of its rate-hiking cycle. Among stocks, Goldman Sachs rose 0.97% despite reporting its lowest quarterly profit in almost six years, while Netflix fell 7.04% during after-market trade after the streaming company missed Wall Streets' earnings forecast.

• ASX to open flat. SPI Futures flat up 2 points (+0.03%)

European markets were mostly higher. UK stocks in the lead after a faster-than-expected slowdown in British inflation helped bolster hopes of peaking interest rates. London’s FTSE up 1.8%, and the pound slipped. Elsewhere STOXX 50 -0.2%, DAX -0.1%, and CAC +0.1%.

HEADLINES

• ASX to open flat; Wall Street keeps rising. Nasdaq futures down 107 currently.
• Stocks advance as earnings pick up; Dow notches 8th day of gains.
• Tesla's margin falls as it boosts discounts to drive demand. Faalls 4% after hours.
• Netflix quarterly revenue falls short of forecasts down 8% after hours. 
• US House panel looks to revive legislation on self-driving cars.
• Goldman profit falls to 3-year low on consumer losses, shares rise on outlook.
• U.S regional bank shares rise on interest income, deposits stabilising.
• United Airlines posts record high quarterly earnings, lifts full-year outlook.
• UAW president meets with Biden as union opens automaker contract talks.
• IBM misses second-quarter revenue estimates as tech spending cools.
• Fed's last rate hike coming at July meeting, economists say.
• US single-family starts drop; building permits hit 12-month high.
• Bank of England's Ramsden calls for faster QE gilt unwind.
• Microsoft, Activision urge U.S. to drop case against deal before internal FTC judge.
• Russia delivers Black Sea shipping warning as Ukraine decries 'hellish' port attacks.

Get up to speed with Henry Jennings’ Pre-Market Podcast.

Why not sign up for a free trial? Get access to expert insights and research and become a better investor.

Make life simple. Invest with Marcus Today.