Morning Report 31 Jul 25: Wall Street slumps on Fed caution

Wall Street closed lower as Fed Chair Jerome Powell tempered expectations for a September rate cut. The Federal Reserve held interest rates steady despite pressure from President Trump, reinforcing a cautious stance amid resilient economic data. In corporate news, Microsoft and Meta both surged in after-hours trading following stronger-than-expected earnings results. In contrast, Freeport-McMoRan shares slid after the announcement of new copper tariffs. Meanwhile, jobs data surprised to the upside, highlighting ongoing strength in the U.S. labor market, and the U.S. dollar extended its rally for a fifth straight day. Back home, Aussie shares are set to open lower ahead of the release of retail spending figures. The content in this podcast is prepared, approved and distributed in Australia by Commonwealth Securities Limited ABN 60 067 254 399 AFSL 238814. The information does not take into account your objectives, financial situation or needs. Consider the appropriateness of the information before acting and if necessary, seek appropriate professional advice.See omnystudio.com/listener for privacy information.