Morning Report 02 Jul 25: Wall Street holds near record highs

Wall Street consolidated overnight as investors weighed the potential impact of the so-called 'big beautiful bill' on the U.S. deficit. Economic data added pressure, pushing interest rate expectations higher. Big tech stocks came under pressure, with Nvidia down 3%, as investors rotated into small caps. Meanwhile, Tesla shares slumped as markets braced for a sharp decline in upcoming sales figures, while Macau’s gambling revenue surged 19% year-on-year. Despite recent gains, the U.S. dollar remains near a three-year low, reflecting ongoing uncertainty around fiscal policy. Back home, Aussie shares are poised to open with modest gains on Wednesday. The content in this podcast is prepared, approved and distributed in Australia by Commonwealth Securities Limited ABN 60 067 254 399 AFSL 238814. The information does not take into account your objectives, financial situation or needs. Consider the appropriateness of the information before acting and if necessary, seek appropriate professional advice.