Equities closed lower overnight under pressure from regional banks and a tumble in retailers following disappointing quarterly results from Macy’s and Dick’s Sporting Goods.
Equities were mixed overnight as weakness in consumer staples and energy offset an Nvidia-led rebound in tech despite a jump in Treasury yields to 16-year highs ahead of potential clues on monetary policy later this week.
Equities closed broadly lower with just the Dow eking out a win, but that was of mere consolation as stocks posted their worst weekly loss since March ahead of the Fed chair Jerome Powell’s appearance at the Jackson Hole economic policy symposium next week
Wrap of this weeks significant ASX listed company earnings
Equities look to be holding on by a thread as the pressure of the highest long term bond yields in over 15 years suffocates growth expectations
Equities closed at their lowest point in 7 weeks as a melt-up in Treasury yields continued after the Federal Reserve’s July meeting signaled that a further rate hike remains in play later this year.
Equities closed lower overnight as an ongoing stumble in China’s economy raised fears about global growth as Treasury yields rose after stronger-than-expected consumer spending denting hopes that the Federal Reserve is finished raising rates.
Weakness in banks was offset by renewed demand for tech amid a surge in Nvidia ahead of a slew of incoming economic data set to provide further insight on the consumer.
The upside was capped in equities on Friday night as renewed inflation fears pushing Treasury yields higher and deflating investor bets that the Fed is unlikely to resume rate hikes later this year.
A steady flow of ASX listed company earnings is due this week
Who will shine and who will disappoint?
MPC Markets favourites to outperform this ASX earnings season
Equites closed slightly higher overnight, supported by a jump in Disney after giving up the bulk of its gains as a climb in Treasury yields weighed on sentiment even as data showed further signs of easing inflation
