Pre-Market Report – Wednesday 16 July: US markets fall on CPI | Nvidia saves Nasdaq

Wall Street recorded a mixed session as most sectors fell although news of Nvidia’s planned resumption of sales of its H20 AI chip to China boosted the stock, helping to lift the Nasdaq. In broader economic news, tariff uncertainty continued to weigh on stocks and the latest US CPI reading showed tariff-induced price increases starting to appear, rising 0.3% in June, up from 0.1% in May, as expected. July and August will show further tariff-related figures begin to appear in hard economic data as many businesses were previously selling pre-tariff bought stock. S&P 500 down 0.4%, Nasdaq up 0.18%. Dow steadily fell from the open, ended near the low. Down 436 points. Narrow sector performance with only Tech recording gains. Nvidia news boosted stock 4.0% and helped other Tech stocks with Broadcom rising 1.9% and Microsoft gaining 0.6%. Inflation data ticked up which hurt rate-sensitive sectors. Economically sensitive sectors and indices also fell as tariff uncertainty continues, Materials down over 2% and the Russell 2000 fell 2.0% too.

Resources mixed, stronger dollar after the CPI reading a drag. Oil dropped as Trump ‘s 50 day deadline to Russia to agree a peace deal with Ukraine or face new sanctions eased any immediate supply concerns. Copper made modest gains, nickel rose 1% while zinc fell by 1%.

ASX to rise. SPI futures down 68 points (-0.79%).

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