Wall Street fell from early highs as earnings enthusiasm from Microsoft and Meta waned and Trump’s August 1st tariff deadline loomed. S&P 500 down 0.37%, Nasdaq flat. Dow fell steadily throughout the day like the other indices, closing near low. Down 330 points. Most sectors down. Utilities best performer again while Tech was slightly positive. Divergence here – Meta (+11.3%) and Microsoft (+3.9%) rose following their results, Amazon (+1.7%) rose ahead of its, Apple (-0.7%) fell ahead of its, and semiconductors struggled. Healthcare once again struggled, down nearly 3.0%, as Trump sent a letter to the CEOs of 17 major pharmaceutical companies, demanding they lower their prices. Swift and strong reaction – Merck down 4.4%, Pfizer slid 2.3%, AstraZeneca dropped 1.4%, Novo Nordisk fell 3.2%, and GSK dipped 3.0%. REITs and Materials round out the bottom three for the second consecutive day.

ASX to fall. SPI futures down 64 points (-0.74%). RMD Results.

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