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.
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%.
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