Pre-Market Report – Thursday 25 July: US markets Tumble on Earnings - SPI down 75 - MQG Update

Stocks sold off Wednesday, weighed down by underwhelming reports from Tesla and Alphabet, leading the S&P 500 and the Nasdaq Composite to post their worst session since 2022. The broad market index lost 2.31%, closing at 5,427.13, while the tech-heavy Nasdaq slid 3.64% to end at 17,342.41. The Dow Jones Industrial Average lost 504.22 points, or 1.25%, closing at 39,853.87.

 The U.S. PMI flash manufacturing output index fell to 49.5 in July, unexpectedly slipping into contraction territory as new orders, production and inventories declined.

Bank of Canada cuts rates again.

ASX SPI Down 75 points.

• Gold rises on softer dollar, traders eye more US data.
• Oil prices finish higher as US oil, fuel inventories ease.
• Copper falls to 3-1/2-month low on high inventory, selling by funds.
• Dalian iron ore extends falls on weakening steel market, demand outlook.
• Newmont beats profit estimates on higher gold production.
• Anglo to face investors with wary eye on BHP's potential return.
• Chile's lower house of Congress asks Boric to void Codelco-SQM deal.
• US refiners' Q2 profits fall on low margins, soft fuel demand.

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