Marcus Today Pre-Market Podcast – Wednesday 26th July

Wall Street closed higher overnight, led by the NASDAQ amid excitement about AI before earnings reports from tech mega-cap companies Google and Microsoft after the bell. Dow Jones finished 27 points higher (+0.08%), marking its longest winning streak in more than six years and the 12th consecutive session of gains just shy of the all-time record of 13 set in 1987. Dow at worst down 46 points. Dow at best up 116 points. Meanwhile, S&P 500 rose 0.28% despite most of its 11 sectors being subdued, and the NASDAQ gained 0.61%. Approximately 25% of S&P 500 companies have reported Q2 results nearly 79% surpassed EPS expectations. Aggregate earnings are beating expectations by 6.8%, slightly below the 8.4% five-year average. US treasury yields advanced. USD Index closed flat, losing earlier session gains, and Gold strengthened as the dollar fell. Among stocks, GE rose 6.2% on higher profit outlook. General Motors fell 3.6% despite lifted profit guidance and cost cuts, and Spotify tumbled 14.3% on weak revenue and guidance.

• ASX to rise. SPI Futures up 19 points (+0.26%)

European markets were mostly up, led by miners logging their best day in over eight months after China pledged more support for its slowing economy. STOXX 600 +0.48%, FTSE 100 +0.17%, DAX +0.13%, and CAC 40 -0.16%. Asian markets are up, with Greater China markets surging, reacting positively to Beijing’s latest support signals, Hang Seng +4.1%, Shanghai +2.12%, Shenzhen +2.51%, and ChiNext +2.1%.

• Russell 2000 +0.02%
• US consumer confidence reached a two-year high in July, rising to 117, beating consensus for 110.5, indicating a positive outlook for the economy in the near term.
• Gold rose 0.52% as the dollar steadies and Fed meeting draws nearer.
• Copper rose 1.63% and base metals gain on China stimulus hopes.
• Nickel +5.51% Aluminium +1.27% Zinc +2.88%, Lead +0.32% Tin +0.56%
• WTI and Brent rose 1.14% and 0.72% as Saudia oil exports drop 40% YoY.
• 10Y Bond Yields: US 3.89%, Australia 4.05%, and Germany 2.40%.

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