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The “Magnificent 7” tech giants have recently reported their earnings for the latest quarter, with 6 out of the Magnificent 7 beating analysts expectations, showcasing strong performance across the board. However, NOT ONE of them was up on the day and only Apple was up for the month…. Barely.
So is the price action giving us signs that the AI rally is finally running out of steam? We think so
Last Night’s Market Recap Daily Weekly Daily Weekly Overnight – Fresh highs in bond yields squash earnings positivity Equities fell
Equities fell overnight led by tech, as investor sentiment was soured by Nvidia-led weakness in chip stocks and a jump in Treasury yields following stronger retail sales data that boosted bets on a Fed rate hike by year end.
Equities rallied overnight as investors piled back into big tech, shrugging off an ongoing climb in Treasury yields as optimism of quarterly earnings expected this week.
Equities finished generally lower on Friday on continuing geopolitical pressure weighing on the market into a weekend.
The CPI rose to 0.4% in September, taking the annual rate to 3.7%, slightly above expectations for a 0.3% and 3.6% rise respectively.
Investors shrugged off PPI (Producer Price Index) data pointing to an uptick in the pace of inflation as equities gained ahead of the key CPI
Equities remained heavy overnight despite Apple and Amazon beating analysts expectations as long-term yields test levels not seen in 16 years, ahead of tonight’s US employment numbers
Equities dropped overnight, as an AMD-fueled slump in tech and the Fitch Ratings downgrade of U.S debt weighed on investor sentiment.
The S&P500 and Nasdaq closed weaker on Tuesday, the first day of seasonally slow August, ahead of U.S. jobs data and major companies’ earnings reports later this week.
The RBA left rates unchanged today at 4.10% while confusingly flagging risks for higher rates.
Equities closed higher Monday to wrap up a fifth-straight positive month for July after shrugging off a dip in health care as energy stocks racked up gains.
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