Australian shares are set to open down. Wall Street finished little changed; Apple advanced, Arm dropped. Follow updates here.
US stocks continued their slog through the end of summer, but the SThe benchmark for American equities closed for the 100th straight session without a drop of at least 1.5 per cent. It’s had four losses of more than 1 per cent in the two months since it peaked for the year, but otherwise daily swings have been muted to an extent not matched since 2018.
Part of the resilience has come from optimism that the economy has withstood the worst of the Federal Reserve’s policy tightening. Also, investors are still channelling money into stocks. US exchange-traded equity funds saw a $US13.4 billion net inflow in the week through September 13, the ninth week of additions in the past 12, LSEG Lipper data show.
“It’s unusual, but there haven’t been reasons for big drops in the stock market,” said Thomas Martin, a senior portfolio manager at Globalt Investments. “Unless the Fed really surprises investors this week, there isn’t going to be a reason to reposition because we know rate hikes are nearly done.”P 500 ended Monday little changed and is down 1.2 per cent in September.
Supporting sentiment, consumer spending remains strong and Americans are beginning to conclude that price pressures are receding. The S29 mins ago
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