Wall Street oversaw a late rally in Wednesday’s session to recover from an initial selloff as markets dealt with the US’s first economic contraction since 2022 and anticipated Big Tech earnings. Seventh straight day of gains for the S&P 500. Up 0.15%, NASDAQ down 0.09%. Dow dropped sharply early on but recovered late to end the day up 142 points (+0.35%). Closed near high. Mixed sector performance. Energy worst performer as oil prices posted steepest monthly decline since 2021. Consumer Cyclicals followed. Dragged down by Amazon (-1.6%) and Tesla (-3.4%). Real Estate best performer. Rate sensitive. GDP contraction increased rate cut probability. Healthcare second best. GSK (+3.5%) and Humana (+1.1%) beat earnings expectations. Helped lift sector. Microsoft (+0.3%) and Meta (-1.0%) had earnings results after market close. Smashed expectations. Microsoft up 8% after hours, Meta 4%. Qualcomm (+1.1%) and Caterpillar (+0.6%) missed estimates. Down 6% and 0.4% after hours. Resources dropped sharply. Oil down on tariff headwinds and US GDP contraction. Reignited fears of global slowdown. Metals down across broad. Chinese PMI released yesterday. Fell more than expected.

ASX to fall. SPI futures down 28 points (-0.34%). 

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