Wall Street retreated overnight despite upbeat earnings from major tech stocks. Microsoft hit a $4 trillion market cap after beating earnings expectations, while Meta seized the moment to ramp up its aggressive AI spending. Elsewhere, eBay shares jumped on signs of consumer resilience, but Amazon's gloomy earnings forecast weighed on its stock. Adding to the cautious sentiment, US inflation picked up in June, and copper prices tumbled on fresh tariff concerns. Back home, Australian home prices rose for a sixth straight month, but local shares are expected to open August lower after gaining 2% through July.

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