US stocks are ticking higher as Wall Street recovers some of last week’s sharp slide.
The S&P 500 was up 0.5 per cent in midday trading. The Dow Jones was down 13 points, or less than 0.1 per cent and the Nasdaq composite was 0.7 per cent higher. The Australian sharemarket is set for a positive open, with futures at 4.53am AEDT pointing to a rise of 16 points, or 0.2 per cent, at the open. The ASXCVS Health rallied 5.4 per cent after adding four new directors to its board.
Stocks are regaining some momentum after giving back more than half their postelection gains at the end of last week. Investors had sent the S&P 500 nearly 4 per cent higher in the days immediately following Trump’s win. Bank stocks, smaller companies and other areas of the market seen as the biggest winners from Trump’s preference for lower tax rates, higher tariffs and lighter regulation did particularly well.
Several big-name companies will be reporting their latest profit result this week, including market heavyweight Nvidia on Wednesday.
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