US equity markets weaker, with the Nasdaq recording its biggest one-day drop in more than four months as investors reacted to second quarter results - Dow rose +164-points or +0.47%, recording its first 9-day rally since 2017.


The broader S&P500 fell -0.68%, with Consumer Discretionary (down -3.40%), Communication Services (-2.48%) and Information Technology (-2.04%) all falling over >2% to lead four of the eleven primary sectors lower. The more defensive Utilities (up +1.85%) and Health Care (+1.85%) sat atop the primary sector leaderboard after underperforming earlier in the week. Twenty stocks in the S&P 500 touched 52-week highs overnight (including three homebuilders and investment bank JPMorgan Chase & Co up +1.23%), and 11 of them also reached all-time highs. Tesla Inc tumbled -9.74% after the electric vehicle manufacturer released its second quarter result after the close of the previous session and profit margins that lagged expectations. Chief Executive Officer (CEO) Elon Musk and other executives said on the company’s earnings call that vehicle production would slow during the third quarter due to shutdowns for factory improvements.