Pre-Market Report – Thursday 17 July: US markets inch higher | Bank results fail to inspire

Wall Street recorded a modestly positive session despite major indices such as the S&P500 and the Nasdaq falling over 1% after Bloomberg reported that Trump would fire Fed chair Jerome Powell – Trump quickly denied the rumours, settling markets. S&P 500 up 0.32%, Nasdaq up 0.25%. Dow started flat, sharply dived on the Powell rumours, and recovered after Trump denied them, steadily rising from there. Closed near high, up 231 points. Strong sector breadth. Cyclicals flat and Energy followed oil down, otherwise all sectors up. Healthcare the best performer. Boosted by Johnson & Johnson, which rose 6.2% after its strong earnings guidance which halved expectations for tariff-related costs. REITS and Financials next best performers, yields fell, and multiple earnings beating expectations, although the individual companies had mixed responses – Goldman Sachs (+0.9%), Bank of America (-0.3%), Morgan Stanley (-1.3%).  Resources down, weaker dollar couldn’t boost them. Oil down again, US inventory build increasing supply without rise in demand. Copper modestly down 0.2%, nickel and lead down over 1%.ASX to rise. SPI futures up 54 points (+0.63%).Want to invest with Marcus Today? The Managed Strategy Portfolio is designed for investors seeking exposure to our strategy while we do the hard work for you. If you’re looking for personal financial advice, our friends at Clime Investment Management can help. Their team of licensed advisers operates across most states, offering tailored financial planning services.  Why not sign up for a free trial? Gain access to expert insights, research, and analysis to become a better investor.