US stocks are holding relatively steady as trading on Wall Street calms following some sharp recent swings.
The major stock indexes are essentially flat in afternoon trading after drifting between tiny gains and losses. The S&P 500 was up 0.1 per cent. It’s coming off a strong three-day winning streak. The Dow Jones flat in late trade and the Nasdaq composite was 0.1 per cent lower. The Australian sharemarket is set to inch higher, with futures at 4.53am AEST pointing to a gain of 7 points, or 0.1 per cent, at the open. The ASXWall Street has steadied after a three-day surge.
The latter still looks like a possibility on Wall Street following some events last week that traders found encouraging. While yields have been declining over the last week, strategists at Wells Fargo Investment Institute still expect long-term yields to remain high for a while. That’s in part because expectations are broadly for inflation to remain higher than hopes for some time. Luis Alvarado, global fixed income strategist, believes the 10-year yield will likely remain near its recent range.
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