Pre-Market Report – Wednesday 24 July: ASX SPI up 11 - Tesla Disappoints - Alphabet Beats Estimates in Places but Lacks Detail

Wall Street finished broadly lower, ending near worst levels before Tesla and Google kicked off the “Magnificent Seven” reporting season after the closing bell. The Dow Jones closed 57 points lower (-0.14%). Up 112 points at best. Down 96 points at worst. The S&P 500 lost 0.16%, and the NASDAQ was flat. Small caps outperformed. The Russell 2000 gained 1.02%, and the VIX edged lower.  Telsa fell 2.0% before results and is currently down 7.0% in after-hours trade after the company reported its lowest profit margin in more than five years and missing earnings expectations. Google rose 0.1% before results, now down 1.56% in after-hours trade despite beating Q2 revenue and profit estimates. US treasuries are down a touch following a weak housing market report and a strong 2Y note auction. USD rose 0.12%, and bitcoin gained 0.21%.

Tesla drops 7.4% after hours on quarterly. Alphabet modestly lower.

ASX to inch higher. SPI Futures up 11 points ( +0.14%).

COMMODITIES

• Iron ore hits three-month low on bleak China demand outlook.
• Oil prices fall 2% to six-week low on ceasefire talks, demand concerns.
• Copper hits multi-month low on growing Chinese demand fears.
• Gold gains ground as investors eye US data for Fed clues.
• BHP must stop funding legal action to halt Mariana dam claim, court rules.
• API shows weekly US crude, fuel stockpiles fell, market sources say.

Recent editions of PRE-MARKET REPORT   
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Monday, 22 Jul 2024  
Friday, 19 Jul 2024  
Thursday, 18 Jul 2024  
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Tuesday, 16 Jul 2024  
Monday, 15 Jul 2024  
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Thursday, 11 Jul 2024  
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