Wall Street ended mostly lower overnight, ending just off worst levels. Dow down 175 points (-0.51%). Dow at best up 50 points. Dow at worst down 207 points. S&P 500 extended its August slide down 0.28%, weighed down by banks as S&P Global Ratings joined Moody’s in cutting some US lenders’ ratings amid a “tough” environment. NASDAQ flat, up 0.06%. Nvidia fell 2.8% on the eve of its quarterly report. Expectations surrounding Nvidia’s earnings are high as it may be the next catalyst to push tech stocks higher again. Analysts predict Q2 earnings may exceed expectations, with the only limit to growth being whether the chipmaker was able to get enough supply to meet insatiable demand. US treasury yields flat. 10Y yield down one basis point.  USD Dollar Index edged higher, up 0.25%, and the VIX fell 0.9%.

• ASX to fall at opening bell. SPI Futures down 17 points (-0.24%).
• Russell 2000 -0.28%.
• Treasury futures now indicate a 100-basis point rate cut by the Fed by late 2024, down from 130 bps a few weeks earlier.
• S&P 500 Banks Index down 2.41%.
• KBW Regional Banking Index down 2.66%.

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