Pre-Market Report – Friday 8 August: US markets mixed | XYZ up, QBE results

Wall Street recorded a mixed session. Earnings by Eli Lilly disappointed and Trump said he’ll nominate Council of Economic Advisors Chairman Stephen Miran to serve out the remaining term of Federal Reserve Governor Adriana Kugler, while searching for a longer term replacement. S&P 500 down 0.08%, Nasdaq up 0.35%. Dow dropped at the open, and maintained that level throughout the day. Closed near low, down 224 points. Mixed sector performance. Utilities, Materials and REITs all rose despite bond yields ticking up, rotation into defensives. Healthcare worst performer again, Eli Lilly’s disappointing results didn’t help, Trump’s threats to hike tariffs on pharmaceuticals to 250% within 18 months also a continued headwind. Financials and Energy rounded out the bottom three performing sectors.

ASX to fall. SPI futures down 25 points (-0.28%).

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