Market Overview

US stocks ended the day lower, with the small-cap index still rising by 1%. Earnings reports were the focus today. $Alphabet-A(GOOGL.US)$ and $Tesla(TSLA.US)$ kicked off the tech giant's Q2 reports. Google's cloud quarterly revenue surpassed $10 billion for the first time, with its stock experiencing after-hours volatility, initially rising by 3% before falling. Tesla's poor EPS performance led to an after-hours drop of over 8%. $United Parcel Service(UPS.US)$ 's disappointing earnings resulted in a 12% drop, the largest in its history, and $LVMH Moet Hennessy Louis Vuitton(LVMUY.US)$ 's US-listed shares fell over 5%.

Rate cut bets led to strong demand in the two-year Treasury auction, pushing Treasury yields higher. US oil fell nearly 2%, marking the fourth consecutive day of decline and hitting a one-month low. Spot gold rose for the first time in five days. Cryptocurrencies, including Ethereum, fell on the first day of Ethereum ETF trading.