US equities rallied overnight, rebounding from their worst weekly performance since April. The Dow halted a two-day skid, rising 128 points (0.32%). Up 185 points at best. Down 65 points at worst. The S&P 500 and NASDAQ rose 1.08% and 1.58%, respectively, led by gains in the “Magnificent Seven”. Russell 2000 advanced 1.66%, and Wall Street's fear index, VIX, plummeted 9.75%. S&P 500 Tech sector gained 1.78%, topping sectoral gainers and breaking its four-day losing streak. Alphabet (+2.2%) is expected to report a ~14% rise in quarterly revenue, marking its fourth consecutive double-digit growth. Telsa jumped 5.1% despite reports that their Q2 margins are expected to hit a more than five-year low. US treasuries were muted. 10Y and 2Y yields inched higher 1.2bps and 0.4bps. USD Index eased 0.10% in quiet trade as the market digested US President Joe Biden’s decision to end his re-election.
ASX to rally at open. SPI Futures up 55 points (+0.70%).
COMMODITIES
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US equities rallied overnight, rebounding from their worst weekly performance since April. The Dow halted a two-day skid, rising 128 points (0.32%). Up 185 points at best. Down 65 points at worst. The S&P 500 and NASDAQ rose 1.08% and 1.58%, respectively, led by gains in the “Magnificent Seven”. Russell 2000 advanced 1.66%, and Wall Street's fear index, VIX, plummeted 9.75%. S&P 500 Tech sector gained 1.78%, topping sectoral gainers and breaking its four-day losing streak. Alphabet (+2.2%) is expected to report a ~14% rise in quarterly revenue, marking its fourth consecutive double-digit growth. Telsa jumped 5.1% despite reports that their Q2 margins are expected to hit a more than five-year low. US treasuries were muted. 10Y and 2Y yields inched higher 1.2bps and 0.4bps. USD Index eased 0.10% in quiet trade as the market digested US President Joe Biden’s decision to end his re-election.
ASX to rally at open. SPI Futures up 55 points (+0.70%).
COMMODITIES
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Ready to invest in yourself? Join the Marcus Today community.