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HairyPlum

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25/07/24

08:19

Post #: 74905081
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Originally posted by highlandlad: ↑

Morning traders. Thanks loungers, especially @Ravgnome and @Patterns.

Outlook for the day: Negative after lacklustre earnings from Alphabet and Tesla triggered Wall Street's heaviest sell-off since 2022.

ASX futures: down 75 points or 0.95%

Overnight themes:
US stocks tumbled after trading updates from megacaps Alphabet and Tesla failed to persuade investors that elevated valuations for the "Magnificent Seven" group of market leaders were justified.
The Nasdaq plunged 3.64% to its worst percentage decline since October 2022.
The S&P 500 dropped 2.31%, its biggest loss since December 2022.
The Dow fared best with a loss of 1.25% as healthcare stocks offered a haven from the selling.
Tesla dived 12.33% as investors reacted to shrinking profit margins and an earnings miss. Google parent company Alphabet shed 5.04% after reporting increasing expenses and slowing advertising.
Doubts about valuations infected the rest of the Magnificent Seven. Losses among Apple, Microsoft, Amazon, Nvidia and Meta ranged from 2.88% up to 6.8%. All five will release quarterly updates over the next couple of weeks.
"There's a little bit of profit-taking, and then people are a little apprehensive about earnings announcements upcoming" - Dave Grecsek, managing director in investment strategy and research at Aspiriant (per Reuters).
The carnage was centred mostly in the sectors dominated by Big Tech: the I.T. sector lost 4.14%, consumer discretionary 3.89% and communication services 3.76%. Also weak: industrials -2.17%, real estate -1.34%, materials -1.26% and financials -1.19%.
Four sectors bucked the downtrend: utilities, health, energy and consumer staples.
The Russell 2000 index of small caps pared a winning month. A 2.13% fall last night cut its gain for July to 7.2%. The index has significantly outperformed the major benchmarks this month. The Nasdaq is now down around 2.2% for July and the S&P 500 off 0.6%. The Dow is ahead 1.9%.
A classic "flight to safety" boosted the greenback, sending the Australian unit to a six-week low. The Aussie was lately down almost 0.5% at 65.8 US cents.
ASX heavyweights BHP and Rio Tinto sailed through the storm with barely a scratch despite a fourth straight drop in iron ore prices in China. BHP lost 1.16% in US trade. Rio dipped less than 0.1%. Benchmark ore in China declined 1.65% to US$106.61 a metric ton.
An index of US battery metal miners slumped to its lowest in almost four years. The Global X Lithium & Battery Tech ETF skidded 3.04% to a level last seen in August 2020.
China demand worries continued to weigh on industrial metals. Copper fell 1.26% to a three-and-a-half month low. Nickel slid below US$16,000 a metric ton, dropping 1.31% to US$15,835.

Key events today:
US advance GDP - tonight
US durable goods - tonight

S&P 500: 129 points or 2.31%

Dow: down 504 points or 1.25%

Nasdaq: down 6.55 points or 3.64%

Dollar: down 0.48% to 65.8 US cents

Iron ore (Dalian): down 1.65% to US$106.61

Brent crude: up 70 US cents or 0.9% to US$81.71

Gold: up US$8.70 or 0.36% to US$2,413.30

Silver: down 2 US cents or 0.05% to US$29.12

NYSE Arca Gold Bugs: down 0.66%

Bitcoin: down 0.9% to US$65,419

Copper (LME): down 1.26% to US$9,050.50

Nickel (LME): down 1.31% to US$15,835

Lithium carbonate (China futures): down 0.82%

Global X Lithium & Battery Tech ETF: down 3.04%

Uranium (spot): down 1.05% to US$83.50

BHP: down 1.16% (US); down 0.09% (UK)

Rio Tinto: down 0.06% (US); up 1.34% (UK)

Expand

Nasdaq down 655 points.*
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