Marcus Today Pre-Market Podcast – Wednesday 2nd August

Wall Street closed mostly lower overnight in an uneventful session as the latest slew of corporate results came in mixed. The Dow Jones rose 71 points (+0.20%). Up 120 at best. Down 33 at worst. Meanwhile, the S&P 500 and NASDAQ dipped by 0.27% and 0.43%, respectively. US treasury yields rose, with the 30Y paper touching a new year high. Conversely, gold prices fell, weighed down by a stronger dollar and an uptick in bond yields. Among stocks, Merck & Co lost 1.3% despite exceeding sales expectations. Pfizer retreated 1.2% despite upbeat results. Caterpillar surged 8.8% on better-than-expected earnings and revenue but warned of a potential Q3 sales and margins decline, and ISM Manufacturing PMI indicated a ninth month of factory sector contraction.

• ASX to fall at open. SPI Futures down 39 points (-0.53%).

HEADLINES

• ASX to fall, S&P 500 slips on earnings misses. Iron ore falls.
• Gloomy data makes investors more cautious on world economy.
• Fitch cuts US government's AAA credit rating by one notch
• U.S. Treasury posts sharply higher $228bn June deficit
• Apple heads for largest Q3 revenue drop since 2016 as iPhone sales slow.
• Meta starts blocking news in Canada over law on paying publishers.
• US Fed officials see pathway to soft landing.
• AMD forecasts challenger to Nvidia AI chip to launch in 4th quarter, shares rise.
• TSMC leads in advanced chip packaging wars, LexisNexis patent data says.
• A double dose of the U.S. Treasuries and dollar 'pain trade' bites Asian markets.
• Starbucks misses quarterly sales estimates, China sales buoy.
• Marriott lifts annual profit forecast on China rebound.
• BlackRock, MSCI draw scrutiny from US House Committee on China.
• Insurer AIG profit beats estimates on gains in life and retirement unit.
• HSBC rides rising rates to double its income, launches $2 bln share buyback.
• US job openings hit more than two-year low; labor market still tight.
• World factory activity mired in slump as China, growth slowdown take toll.
• US construction spending rises strongly in June.
• US says formally invites new Chinese foreign minister Wang Yi to Washington.
• Caterpillar's 2023 margin forecast, upbeat results send shares to record high.
• Uber shares fall as fears over Lyft's pricing eclipse first operating profit.

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