Australian shares have started the day slightly higher despite a gauge of global stocks falling on Friday to end the trading week on a down note after five straight sessions of gains.
On Friday, the Dow Jones index fell 0.4 per cent, the S&P 500 lost 0.9 per cent and the Nasdaq Composite dropped 1.9 per centThe ASX 200 was up 7.5 points or 0.1 per cent to 6,799 at 10:14am AEST.The utilities sector was leading the gains, while academic stocks were the biggest laggard on the benchmark index at the open.
On Friday, Wall Street posted modest losses in early trading but declines on the S&P 500 accelerated as Big Tech names such as Meta and Alphabet lost ground in the wake of earnings from Snap Inc, which plunged 39.1 per cent.
With 106 of the S&P 500 companies having reported earnings through Friday morning, 75.5 per cent had topped analyst expectations, below the 81 per cent beat rate over the past four quarters, according to Refinitiv data. For the week, the Dow advanced almost 2 per cent, the S&P 500 gained 2.6 per cent and the Nasdaq rose 3.3 per cent.Recent data has shown signs of a slowing economy, but the Federal Reserve is still widely expected to raise US interest rates by 75 basis points at its policy meeting to combat inflation.
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