Markets cautious in the heart of earnings season

Wednesday 24th July 2024

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Alphabet and Tesla both reported better than expected headline revenue numbers after the US close, but the mood is still cautious. The S&P, Dow and NASDAQ all closed in the red, but a 1% rise in the Russell 2000. JB Were’s Sally Auld talks about the return of rotation, with the prospect of lower rates boosting interest in the growth potential of smaller companies. And Sally points out there are only a couple of countries that are going against the idea of easing interest rates – one is Japan, who could well lift rates next week. The other is the Australia. NAB is not expecting an RBA rate hike, but comments from Michelle Bullock yesterday are getting more people thinking its possible. It’s all down to next week’s CPI number.

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