US stock indexes on Wall Street are edging higher in afternoon trading, as earnings reporting season ramps up for big companies.
The S&P 500 was up 0.1 per cent after earlier drifting between small gains and losses. Stocks in the benchmark index were roughly evenly split between gainers and losers. The Dow Jones was up 0.1 per cent in late trade and the Nasdaq composite was 0.1 per cent higher. The Australian sharemarket is set to advance, with futures at 4/57am AEST pointing to a rise of 26 points, or 0.3 per cent, at the open.
Danaher rose 6 per cent after likewise reporting better profit and revenue for the latest quarter than analysts expected, in part because of strength at its Cepheid molecular testing business.Sherwin-Williams climbed 7 per cent after also delivering stronger profit than expected. It said it’s seeing growth in demand for paint from new residential customers, and it expects the momentum to continue through the year.
Easier times may be ahead for rates. With inflation slowing, the wide expectation on Wall Street is for the Federal Reserve to begin lowering its main interest rate in September. That would offer some relief for both the economy and financial markets after the Fed has held the federal funds rate at the highest level in more than two decades.Treasury yields have sunk since the spring on such expectations, and they ticked a bit lower again on Tuesday. The yield on the 10-year Treasury eased to 4.
Analysts see it as an encouraging signal when more stocks are participating in a rising market, rather than just a few dominant elites.
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