| Name | Price | Change | % Chg |
|---|---|---|---|
| Dow | 44,406.36 | -422.17 | -0.94% |
| S&P 500 | 6,229.98 | -49.37 | -0.79% |
| Nasdaq | 20,412.52 | -188.59 | -0.92% |
| VIX | 17.79 | 1.41 | 8.61% |
| Gold | 3,344.40 | 1.6 | 0.05% |
| Oil | 67.76 | -0.17 | -0.25% |
OVERVIEW OF THE US MARKET
Bullish sentiment lifted stocks as tech and utilities sectors rallied, supported by the “One Big Beautiful Bill” (OBBBA) and a stable tariff deadline extension to August 1. Treasury yields dipped slightly, and the dollar held firm. Oil prices remained steady amid muted Middle East tensions.
The S&P 500 rose 0.61% to 6,263.26, and the Nasdaq Composite climbed 0.94% to 20,611.34, nearing record highs. West Texas Intermediate crude held at $67.50 a barrel, reflecting balanced energy dynamics. In after-hours trading, ProKidney Corp. surged, hinting at speculative interest.
Tech stocks shone, with NVIDIA gaining 1.80% on high volume, bolstered by the OBBBA’s tax incentives. Utilities rose 1.00%, driven by renewed energy policy optimism. Consumer staples lagged, down 0.55%, amid defensive selling. The OBBBA’s $3.3 trillion stimulus, including tax cut extensions, fueled the rally, though tariff uncertainties persist with the August 1 deadline.
Middle East tensions have eased, with the Israel-Iran ceasefire holding, reducing geopolitical risks. Market expectations price two rate cuts by year-end, with September favored, as fiscal stimulus and trade developments shape sentiment. Tomorrow’s market reaction to the tariff extension could set the tone.
OVERVIEW OF THE AUSTRALIAN MARKET
The ASX 200 closed 0.61% lower at 8,538.6, marking its largest one-day drop in nine weeks, driven by weakness in materials and real estate amid global trade concerns. The late session saw broad declines, with market breadth weak as 127 constituents finished flat or lower.
Materials fell 1.31%, pressured by copper names like Sandfire Resources (-3.5%) and gold miners such as Pantoro (-10.1%). Real estate dropped 1.65%, down 2.1% over two days, reflecting rate sensitivity. Pantera Lithium doubled after a $40m asset sale, while Lifestyle Communities plunged 37.2% due to a VCAT ruling. The OBBBA’s global impact offered some offset, but local pressures dominated.
The RBA’s recent hold at 3.85% continues to influence rate-sensitive sectors, with investors eyeing future cuts. The ASX 200’s resilience near 8,500 hinges on tomorrow’s trade and commodity responses.