PBR Music Director Richard Wade Jones with a Coors Banquet beer for a TV commercial break during the PBR Coors Banquet Invitational in 2021. Photo / Getty Images
Keeping you up to date with the latest market moves, in association with Investment firm Jarden
International
US
The major US indices were mixed at the time of writing. The Nasdaq was the best performer, up 0.6 per cent, followed by the S&P 500, which climbed 0.2 per cent. The Dow Jones Industrial Average was the only index in the red, down 0.5 per cent.
Communication services, utilities and energy led the sectors, up 0.6, 0.6 and 0.5 per cent respectively. Consumer staples and industrials were the key detractors, both down 0.3 per cent.
Monolithic Power Systems led the S&P 500, up 7.4 per cent.
This followed the release of its results which had revenue up 57.2 per cent year-on-year and revenue guidance for the third quarter almost US$100 million higher than market consensus.
Closely behind was management consulting company Gartner with a share price jump of 6.9 per cent.
Carnival Corp rounded out the top three performers after increasing 5.9 per cent to US$9.44 per share. The company remains over 55 per cent down from the start of the year.
Molson Coors Beverage Company was the largest detractor, down 9.9 per cent. This followed a statement from the company that outlined it is seeing a split emerge among its customers due to inflationary pressures.
Packaging company Sealed Air Corp was also in the red at the time of writing, with a decline of 8.0 per cent. The company reported a second-quarter profit of US$113.9 million.
Pharmaceutical company Incyte corporation is the final laggard after falling 6.7 per cent.
Cosmetics company Revlon was up 15.3 per cent at the time of writing. The company's share price has doubled over the past week but remains 16.0 per cent down for the year.
Rest of the World
European markets were all in the red at the time of writing. The FTSE dropped 0.1 per cent, the CAC declined 0.4 per cent and the DAX was down 0.2 per cent.
Similarly, all Asian markets closed in the red. The Shanghai Composite dropped 2.3 per cent, the Nikkei fell 1.4 per cent and the Hang Seng retracted 2.4 per cent.
Commodities
Bitcoin and Ethereum experienced some gains over the day, up 1.2 and 2.0 per cent respectively.
WTI Crude oil jumped up 2.2 per cent to US$96.0 per barrel and natural gas fell 5.7 per cent.
Gold rose 0.1 per cent while palladium, a precious metal that is used for catalytic converters, dropped 6.0 per cent.
After rallying for the past month, the US 10-Year Treasury rate jumped up 13 basis points to 2.74 per cent.
New Zealand
The NZX 50 improved marginally by 0.1 per cent yesterday, moving to 11,532.5 points.
Cancer diagnostics company Pacific Edge was the index's top performer, making a partial recovery from Monday's negative performance and recouping 11.3 per cent.
Dual listed (NZX and ASX) The a2 Milk Company also performed well, advancing 8.6 per cent before a trading halt was introduced in the late afternoon.
This followed the Australian Financial Review (AFR) reporting the company is anticipating approval from the US Food and Drug Administration this week to sell baby formula in the United States.
A2 Milk lodged an application to enter the US market in May under the enforcement policy amid the current baby formula shortage in the US.
The company is reportedly one of 160 companies seeking this approval to enter the world's second-largest formula market behind China.
The company acknowledged the AFR's article yesterday, stating it had been informed by the FDA that their application is under active review, clarifying there is "no certainty as to the outcome of the application or the timing of any approval".
A2 Milk's trading halt will remain in place until the release of the announcement, or market open on Thursday 4 August.
A2 Milk is set to release 2022 full-year results on 30 August.
Rounding out the top movers for consecutive days was retirement village operator Oceania Healthcare, increasing 4.1 per cent yesterday.
Transport technology company Eroad was the biggest underperformer yesterday, reducing 3.3 per cent, now down 60.4 per cent in the year to date. There does not appear to be any news related to this movement.
Travel technology company Serko decreased 2.7 per cent yesterday and is now 48.6 per cent down in the year to date.
Closing out the bottom movers was manufacturer Skellerup, falling 2.7 per cent. The company's 2022 full year results will be released on 18 August.
Australia
The ASX 200 traded flat yesterday after the Reserve Bank of Australia hiked the cash rate target by 50 basis points to 1.85 per cent, in line with market expectations.
Over the past five days the index has risen 2.8 per cent but is down 6.0 per cent for the last year to date.
Sectors were mostly in positive territory with eight of 11 trading higher. Consumer discretionary rose 1.5 per cent, consumer staples increased 1.2 per cent and information technology lifted 0.9 per cent.
On the other hand, A-REIT fell 1.6 per cent, materials lost 1.1 per cent and energy declined 0.9 per cent.
Zip Co was the biggest gainer, rising 15.1 per cent. The buy now pay later firm announced the issuance of more than four million performance rights securities.
The a2 Milk Company increased 7.9 per cent on the ASX and gold producer and explorer St Barbara was up 5.2 per cent.
Appen was the biggest underperformer, dropping 27.3 per cent after releasing an update of first half 2022 results.
The machine intelligence company expects group revenue of A$182.9 million, which is down 7.0 per cent compared to the prior corresponding periods, and an underlying net loss after tax of A$3.8 million compared to a A$12.5 million net profit after tax in first half 2021.
Food and beverage ingredient supplier United Malt Group continued its underperformance from Monday, declining a further 6.2 per cent, and iron ore mining company Champion Iron rounded out the laggards with a decrease of 5.4 per cent.
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NZ GDP falls 1% in September quarter; analysts expected 0.4% decline.