Wall Street's main indexes closed in negative territory on Monday, as market participants monitored diplomatic efforts to defuse Middle East tensions and braced for pivotal megacap tech earnings due later this week.
According to a Reuters analysis, some active fund managers are already cutting back their investments in AI, as investors begin preparing for a slowdown in the tech sector's nearly trillion-dollar spending boom.
According to LSEG, the Q2 earnings season is off to a strong start; while it remains in the early stages, the majority of the S&P 500 components that have reported so far have topped Wall Street expectations.
Despite growing economic uncertainty, major banks reported resilient consumer health, driven by steady household spending, loan growth, and strong credit quality.
Adding to consumer stock tailwinds, employment gains averaged a robust 111,000 per month in Q2, substantially outperforming the 34,000 monthly average recorded during the same period last year.
The latest industry data reveals that money market funds are adopting a more defensive stance within their portfolios, a shift driven by persistent ambiguity surrounding the Fed's interest rate trajectory.
EBC Financial Group analyst says, the Dow was exhibiting a strongly bearish, short-term breakdown character. If the index fails to close decisively back above 52,030, a push lower towards 51,890 is likely.
Asset recap
As of market close on 17 July, among EBC major products, iShares CHINA LARGE-CAP ETF led gains amid signs of buying by state funds as authorities intensified efforts to salvage the market.
Oracle stock hit a 52-week low after S&P Global Ratings placed oracle stock one notch above junk status based on the firm's aggressive push into AI infrastructure and data centre capacity.
US natural gas set a two-month low as supplies remain high and demand is mixed. Around the world, supplies of natural gas are in danger, while the US inventories increased last week.
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