Pre-Market Report – Tuesday 22 July: US markets mixed, SPI up 14 | Resources in focus

Wall Street recorded a positive session, although it couldn’t maintain its early highs, with the S&P 500 and Nasdaq closing at new highs, ahead of Big Tech earnings kicking off this Wednesday with Alphabet and Tesla reporting. S&P 500 up 0.14%, Nasdaq rose 0.38%. Dow rose at open, peaked and plateaued from midday to 2pm, and fell for the rest of the session, closing near the low. Down 19 points. Tech led the way upward. Optimism ahead of earnings, demonstrated by Alphabet rising 2.7% before Wednesday. Materials also did well, following resources upwards. Cyclicals another strong performer, Amazon rising 1.4% helped to boost the sector. At the opposite end of the ladder, Energy slipped and followed oil downward. Healthcare also continued its recent struggles, uncertainty around Trump’s tariffs on sector a persistent drag.

Resources up, weaker dollar a boost. Oil down, modest reaction to EU’s latest sanctions against Russia, viewed as having little impact. Iron ore up 3%, hitting 5 month high, boosted by news of China's mega-dam project and stronger steel margins. Copper, nickel, tin all recorded gains of over or close to 1%.

ASX to rise. SPI futures up 14 points (+0.16%).

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