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The ASX in 5: ASX hits new record highs, Tesla shares rally on Q2 earnings

We highlight five things that investors and traders need to know on Tuesday, 27 July.

Source: Bloomberg

Wall Street records another all-time high

Another day, another record high for US stocks, which at this pace, will likely continue to be a daily, or at least a weekly occurrence. The rally last night on Wall Street was less emphatic than what it was at the back end of last week, with breadth narrower. But it was enough to push the US 500, US Tech 100 and Wall Street to record highs, as big tech and cyclicals outperformed.

Tesla beats earnings estimates

The week ahead will be highlighted by mega-cap tech earnings, and this morning Tesla Inc was the first (electric) cab off the ranks. It managed to smash expectations, with revenues coming in at $11.96 billion, and EPS smashing the 97c estimate and coming in at $1.45. The guidance provided by the company was also a plus for investors, with management stating it still expects 50% annual growth in the vehicle deliveries moving forward. Investors clearly welcome the results, with Tesla stock rallying in after hours trade.

Source: IG charts

Real rates hit record lows, gold doesn’t budge

Bond market dynamics have left market commentators scratching their heads today, after ten-year real rates hit a record low of 1.13% overnight. The move seems to come as traders continue to discount elevated inflationary pressures, in an economic environment that may keep policy makers and the Federal Bank relatively dovish. Interestingly, gold prices have yet to respond to the historic lows in real yields. Typically highly correlated, the last time real yields were this low the spot price of gold was floating around $US2070 per ounce.

Source: St. Louis Fed

Amazon denies it’s about to adopt Bitcoin

Bitcoin (USD) bulls were given a bit to cheer about overnight, after the price of the cryptocurrency extended its surge to briefly trade above $US40,000 in US trade. The exuberance was tempered however, after a spokesperson from Inc (All Sessions) suggested that reports the company is preparing to adopt the cryptocurrency was false.

ASX 200

The Australia 200 has recorded another record high today, with the benchmark index another 0.5% as of mid-afternoon trade. The strength comes courtesy of a rebound in commodity prices overnight, with the energy and materials sector leading the market higher. The bullish sentiment in the market comes despite continued volatility in broader Asian stocks, as the Hong Kong HS50 and China A50 indices face further selling pressure on China’s crackdown on its private sector.

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