GIFTNifty flat, indicates a muted start for the Indian market

US Markets Overnight S&P 500 +0.38% Nasdaq +0.90% Dow Jones +0.02%
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IBM -25% after warning Q2 profits would miss expectations amid weak demand in its software & infrastructure businesses. Semiconductors rebounded after the previous session's sell-off: • Applied Materials +3% • Teradyne +3% • Lam Research +5% • Micron +5% • STMicroelectronics +2% Banks outperformed: • Goldman Sachs +9% after a strong earnings beat • JPMorgan Chase +2%+ & Bank of America +2% as both reported Q2 results. US Macro Update June CPI fell 0.4% MoM, coming in below expectations and reinforcing signs of easing inflation. Following the data, markets pared expectations for additional Federal Reserve rate hikes this year. Fed Chairman Kevin Warsh told Congress that "the inflation surge of the last five years will be a thing of the past." Brent Crude: $86/barrel Oil prices eased from their highs after President Donald Trump dropped his proposal to impose a 20% fee on ships transiting the Strait of Hormuz. Other Asset Performance ₿ Bitcoin: +4% Gold: $4,070/oz Dollar Index (DXY): 100.98 US 10-Year Treasury Yield: 4.58%