Pre Market Report - Friday 22 August: US markets fall again | Results in focus

Wall Street recorded a negative night ahead of Powell’s speech at the Jackson Hole Economic Policy Symposium early in the next session. Fear of a hawkish tone being reflected in markets over the past couple of days. S&P 500 down 0.40%, Nasdaq fell 0.34%. Dow recorded another choppy session, finding some strength toward the end. Closed mid-range, down 153 points. Most sectors down. Energy and Materials the exceptions, former followed oil upwards. Staples and Cyclicals the worst performers, defence and growth, showing caution ahead of Jackson Hole was widespread. Staples were dragged lower by Walmart which fell 4.5% despite raising full-year sales and profit guidance, citing strong demand across income groups, as it reported its first earnings miss in three years.

In corporate news, Walmart was the main story after its earnings report with margin pressure from tariffs souring sentiment, weighing on peers like Target and Home Depot, which fell 1.7% and 1.1%. Similarly, Coty endured a steep 21.6% plunge after forecasting softer sales, underscoring fragility in discretionary spending. Tech weakness persisted, with Nvidia down 0.2%, Meta fell 1.2%, Amazon dropped 0.8% and Advanced Micro Devices retreated 0.9%, extending recent losses in the sector as concerns grow over stretched valuations and political risk.

Resources mixed. Oil rose as Russia-Ukraine peace talks stalled and US demand remained resilient. Copper and aluminium recorded gains while nickel and zinc both fell.

ASX to fall. SPI futures down 12 points (-0.13%). Results in focus.

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