Marcus Today Pre-Market Podcast – Tuesday 25th July

The Dow Jones led US markets higher overnight and notched its 11th straight session of gains, its longest winning streak in six years. Dow Jones up 184 points (+0.52%). Dow at best up 236 points. S&P 500 added 0.4% and the NASDAQ lagged the other indexes up 0.19% as the market looked for non-tech stocks for bargains, lifting energy and bank sectors. 10Y US bond yields closed higher up 3.9bps, rebounding from an early session decline, while the 2Y yield rose 7.7bps. The US dollar gained some ground against major currencies as the latest economic data continued to highlight the strength of the American economy in comparison to other countries. Prices of safe-haven gold were choppy as the dollar advanced, closing -0.29%. Among stocks, Mattel added 1.8% after “Barbie” movie gets the biggest opening of 2023, and Chevron rose 1.97% as the oil giant posted upbeat preliminary quarterly earnings over the weekend.

ASX to open higher. SPI Futures up 45 points (+0.56%).

• Russell 2000 +0.28%
• The likelihood of a 25bps hike at the FOMC meeting at 98.9%.
• The Nasdaq exchange operator cut the weight of key companies comprising almost half of the Nasdaq 100 index to address "over-concentration" in the benchmark.
• July S&P Global Flash Manufacturing PMI rose by 2.7 points to 49.0, beating estimates for a 0.2 point decline to 46.1, marking the highest print since April and ending three-straight monthly declines.
• Still to report this week as the earnings season continues, Alphabet, Meta, Microsoft, GE, 3M, General Motors, Boeing, and Amazon.

HEADLINES

• ASX to rise; Tech giant earnings under scrutiny.
• Global shares, U.S. yields rise as investors eye rates, earnings.
• Dow leads Wall Street higher as investors eye beyond tech.
• Dollar clings to gains with central banks in focus.
• U.S. business activity growth slows as services soften.
• Worsening euro zone business downturn reignites recession fears.
• UK firms grow at slowest in 6 months as rate hikes weigh, PMI.
• Twitter blue bird has flown as Musk says X logo is here.
• Meta's Threads could lure ads from Twitter but it's early days, analysts say.
• US FDIC calls on banks to fix 'inaccurate' financial statements.
• UBS agrees to pay $388 million over Credit Suisse's Archegos failings.
• US IRS ends policy of unannounced revenue officer visits to taxpayers.
• Boeing investors to scrutinize cost of new Spirit AeroSystems labor deal.
• US restaurants set for second-half profit boost as costs ease, demand stays firm.
• Adidas sees smaller 2023 loss thanks to Yeezy sales.
• China property giants tumble as cash crunch bites.
• Tesla to discuss factory plan for new $24,000 car with India commerce minister -source.

ON THE CALENDAR

• US reporting seasoning heating up. To see the Calendar, CLICK HERE.
• Local reporting season also kicking up a gear with NCM releasing today.

ECONOMIC FRONT

• Domestic data: n/a
• US data: S&P Global Composites Flash. CBI Business Optimism Index, CBI Industrial Trends Orders.

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