The S&P 500 rose 0.2 per cent for a seventh straight gain and pulled back within 2 per cent of its all-time high set last month, but the ASX is set to open lower on Monday.
Wall Street coasted to the close of its best week since November, as US stocks drifted a bit higher Friday.
Friday’s relatively calm trading capped a manic week where strong economic data helped right Wall Street following a scary run. The S&P 500 had briefly dropped close to 10 per cent below its record last week, as stocks reeled worldwide on a range of worries. Many of those questions are still hanging over the market, just not quite as precariously as before.One concern centered on the strength of the US economy following a surprisingly weak report on hiring last month.
Because the Fed has said its upcoming moves will depend in large part on what data reports at the time say, “it will be difficult for Powell to pre-commit to a particular trajectory at Jackson Hole,” say economists at Deutsche Bank led by Matthew Luzzetti. That debate is still ongoing. Within just an hour on Friday morning, Nvidia went from being the single heaviest weight on the S&P 500 to the strongest force lifting the index. It flipped from an early 1.4 per cent drop to end with a rise of 1.4 per cent.
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