Wall Street recorded a negative session, dropping late on, as markets chewed on Fed meeting minutes from early May and awaited Nvidia earnings results after market close. Nvidia beat expectations although guidance was lower than expected due to anticipated lost revenue from China. Up over 4% in after hours trading, Wall Street will follow. S&P 500 down 0.56%, NASDAQ down 0.46%. Dow slowly fell throughout the day and dropped before the close. Down 245 points, near low. All sectors saw red. Materials and Energy joint worst. Global growth fears for Materials, Energy harder to understand, oil rose on supply concerns ahead of July OPEC+ call. Utilities also eased as yield resumed their rise. REITS held steady though, only shed 3bps. Cyclicals down, Tesla worst performer, down 1.6% despite targeting June 12th launch for Robotaxi Service in Austin. Tech second best relative performer. Chips sold off late as market got jitters before Nvidia earnings. Amazon down 0.6% as in-car software plans with Stellantis stall. Stellantis (-2.2%) also named company veteran Antonio Filose as new CEO. Resources mixed. Oil up on supply concerns. Stronger dollar weighed on others. Copper down over 1%, iron ore the same, weak China demand. Tin, Aluminium managed modest gains.

ASX to open flat. SPI futures down 4 points (-0.05%).

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The ASX 200 limped along to close down 11 points at 8397 as a Japanese bond auction underwhelmed, and CPI came in a little hotter than expected. Blame eggs. Banks went a little squishy, with CBA falling 0.9% and the Big Bank Basket down to $271.48 (-0.9%). Insurers also fell with QBE off 1.6%. Other financials were mixed, XYZ rose 4.9% on better US consumer sentiment and bitcoin. REITs are better today, GMG is up 0.9%, and SCG is rising, Industrials started well but fizzled, WES is down 0.1%, and retail is falling slightly. Tech was better following US tech, and the All-Tech Index was up 1.3% with WTC up 0.4%. REA bounced 1.9% after its fall yesterday on ACCC News, and TLS slid 0.2% on some broker downgrades. Resources are under a little pressure, RIO off 0.9% and lithium stocks down, MIN downgraded guidance again, down 5.5% with gold miners a little mixed, NST off 0.8% and RMS up 1.1%. MAC rose 20.4% as it got the Harmony bid, uranium was a little mixed, BOE was off %, and LOT was up 5.1%. WDS jumped 3.2% on NW Shelf news, and finally, STO is up 1.9%. Coal stocks also rallied, WHC up 2.7%. In corporate news, WEB jumped 12.4% on much better than expected results, ALQ fell 7.6% after completing its capital raise, IFT disappointed, and FPH fell 4.8% despite a 43% jump in revenues. On the economic front, CPI was unchanged at 2.4%, the RBNZ cut rates again by 25bps. 10-year yields rose to 4.33%. Asian markets, as usual, mixed, Japan up 0.3%, China up 0.1% and HK down 0.8%

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Wall Street recorded a strong session, the first since Trump extended his 50% tariff on the EU from June 1st to July 9th. US consumer confidence also broke a 5 month decline, improving on the back of tariff reprieves between the US and China. S&P 500 up 2.05%, NASDAQ up 2.47%. Dow rose steadily throughout session to end near high. Up 741 points. All sectors up. Growth sectors best performers. News of tariff reprieve outweighed company specific news. Cyclicals were the top performer, boosted by Tesla (+6.9%) despite news the carmakers sales in Europe fell 49% in April from the previous year. Tech followed Cyclicals on the leaderboard. Nvidia up 3.2% ahead of earnings tomorrow Australian time. Alphabet (+2.6%) and Apple (+2.5%) shrugged off Texas law which will enforce age verification on their app stores. Financials also showed further strength as economic outlook improved. All major US banks up over 1.5%. Even Energy stocks were up despite oil falling. Weakest performing sector. Resources down. Dollar strengthening after recent weakness a drag. Oil down as US-Iran talks and OPEC+ plans spark supply concerns. Copper, nickel, iron ore all down.

ASX to rise. SPI futures up 49 points (+0.58%) - CPI today - MIN downgrades

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