US stocks are drifting around their records as financial markets around the world take a pause following big recent moves.
The S&P 500 fell 0.2 per cent in afternoon trading, a day after setting an all-time high for the 41st time this year. The Dow Jones was down 255 points, or 0.6 per cent, in late trade, and the Nasdaq composite was flat.The Australian sharemarket is set for a bright start despite the negative lead, with futures at 4.55am AEST pointing to a gain of 20 points, or 0.2 per cent, at the open. The ASXThe Australian dollar lost ground. It was 0.9 per cent lower at 68.28 US cents at 5.10am AEST.
While the number of layoffs remains relatively low, US employers are also more hesitant to hire. Critics worry the job market could weaken further as the cumulative effects of all the past hikes to interest rates made by the Federal Reserve show themselves.The Fed kept its main interest rate at a two-decade high for more than a year in hopes of slowing the US economy enough to stifle inflation.
On the losing end of Wall Street was Stitch Fix, which tumbled 37.6 per cent after the online fashion styling service said its revenue in the current quarter could be 15per cent to 17per cent weaker than a year earlier. Its stock has dropped below $US3 from $US100 early in the pandemic.
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