ASX Market Open: US earnings see indexes slip | July 24, 2024

Wall street gave up early gains as investors continued to bathe in political uncertainty and then digested key earnings reports.

Alphabet’s earnings per share were four cents higher than tipped thanks to Cloud revenue and advertising on Google; GE Aerospace gained 7% on its earnings; but, Tesla’s earnings came in after the markets closed – and fell short of expectations. Tesla lost a big chunk of gains made the previous trading session.

All three key markets slid just a little – the Nasdaq dropped the most, losing 0.3%.

As a result the ASX200 is expected to shed just over 0.1%.

Back home, and a stock to watch today will be US-based bauxite and aluminium refiner Alcoa Corporation (ASX:AA1), as it debuts on the ASX after acquiring all of the shares in Alumina Ltd (ASX:AWC).

Also Pilbara Minerals (ASX:PLS) has revealed its June quarter earnings, reporting a 58% increase in revenue on higher spodumene sales and prices.

And, Arcadia Minerals (ASX:AM7) has vowed to have samples re-analysed and to review methodology, declaring it has ‘no confidence’ in the lithium brine results provided for assays from its Bitterwasser Project in Namibia. Results from two laboratories’ results were wildly different.

One Aussie dollar is buying US66.1 cents, gold has continued to rally, gaining half a per cent overnight to $2408.19; iron ore has been holding just above US$108 a tonne; oil has dropped 1.3% to around $77.40 a barrel; and, natural gas has dropped nearly 4% to $2.16.