Wall Street recorded a primarily negative session despite US GDP of 3% in Q2 as Fed Chair Jerome Powell cooled hopes of a rate cut in September, after holding them steady in July. Powell argued rates have not held back the economy and inflation remains elevated and a threat as tariffs work their way through the economy. S&P 500 down 0.12%, Nasdaq up 0.15%. Dow was flat and steady for most of the day but dropped following Powell’s comments and then partially recovered. Finished middle of its range, down 172 points. Most sectors down. Utilities gained again despite rising yields while Tech also saw modest gains ahead of Meta and Microsoft’s earning releases – very positive market reaction to both, up 11% and 7% in after-hours trading as of the time of writing. Materials worst performing sector as Trump’s copper restrictions were not as sweeping as anticipated. REITs also struggled following Powell’s comments and rising yields. Energy gave up some of its recent gains despite oil rising. All three sectors down over 1%.

ASX to fall. SPI futures down 24 points (-0.28%). Meta and Microsft good results - After hours - US copper falls 19% - Gold down - Oil up.

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