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TRUDEAU SAYS IT LOOKS LIKE BOC WILL BE LOWERING RATE AGAIN

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MNI: USDA: 2024/2025 CORN PRODUCTION EST 15.14B BSL

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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Late Equities Roundup

US STOCKS
  • Stocks continue to extend lows in late Tuesday trade as Information Technology and Consumer Discretionary sectors continued to underperform. Currently, DJIA is down 391.53 points (-1%) at 38596.71, S&P E-Minis down 57.25 points (-1.11%) at 5080.75, Nasdaq down 297.7 points (-1.8%) at 15908.05.
  • Laggers: While poor China iPhone sales weighed on Apple (-2.86%), they were not the worst performer on the day -- software, services and hardware shares continued to underperform: Intel -5.6%, Qorvo -5.48%, Salesforce -5.43% Intuit -5.35%. Incidentally, chip stocks drew some profit taking after leading Eminis to new contract highs late Tuesday, Nvidia -0.39%, Applied Materials -1.59%. Automakers weighed on the Consumer Discretionary sector for the second day running, led by Tesla again -3.65%, while Ford traded -1.3%, GM -0.89%.
  • Leading Gainers: Energy and Consumer Staples sectors outperformed in late trade, oil and gas shares buoyed the former despite crude trading weaker (WTI -0.45 at 78.29): Targa Resources +2.15%, Devon Energy +2.01%, APA +1.95%. Meanwhile, sales and distribution shares supported the Consumer Staples sector, particularly Target +12.31% after beating earnings estimates this morning. Dollar General +3.64%, Dollar Tree +2.64%.
  • The earnings cycle has largely run it's course, but there are a few notable names to still announce: Crowdstrike Holdings late Tuesday, Foot Locker Abercrombie & Fitch, Kroger and Burlington Stores Early Wednesday.
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