Wall Street is quiet, and US stock indexes are drifting in the runup to the highlight of the week for the market, the latest update on inflation that’s coming on Wednesday.
The S&P 500 rose 0.1 per cent in afternoon trading, a day after pulling back from its latest all-time high. The Dow Jones was up by 9 points, or less than 0.1 per cent, in early afternoon trade, and the Nasdaq composite rose 0.3 per cent. The Australian sharemarket is set to retreat, with futures at 4.54am AEDT pointing to a loss of 11 points, or 0.1 per cent, at the open. The ASXTech titan Oracle dragged on the market and sank 7.
C3.ai recovered from an early loss and rose 6.5 per cent. It reported a smaller loss for the latest quarter than analysts expected. The AI software company increased its forecast for how big a loss it expects to take this fiscal year from its operations.In the bond market, Treasury yields ticked higher ahead of Wednesday’s report on the inflation that US consumers are feeling. Economists expect it to show roughly similar increases as the month before.
Elsewhere on Wall Street, Alaska Air Group soared 13.8 per cent after raising its forecast for profit in the current quarter. The airline said demand for flying around the holidays has been stronger than expected. It also approved a plan to buy back up to $1 billion of its stock.
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