Big gains from Tesla, Amazon and Meta have Wall Street on track for a winning start to the week.
The S&P 500 was 0.6 per cent higher in late-afternoon trading, coming off its first losing week in the last three. The Dow Jones was up 0.3 per cent and the Nasdaq composite was 1.1 per cent higher. The ASX is set to inch higher, with futures at 4.59am AEST pointing to a rise of 4 points at the open. The ASXAP
This upcoming week will offer a huge data point for the Federal Reserve, which is weighing whether to keep raising interest rates in its effort to get inflation back to 2 per cent. On Wednesday, the US government will offer the latest monthly update on prices consumers are paying across the economy, and the forecast is they were 3.6 per cent higher in August than a year earlier.
Yields were holding relatively steady on Monday, with the 10-year Treasury yield up to 4.28 per cent from 4.26 per cent late Friday. The two-year Treasury yield, which moves more closely with expectations for the Fed, edged lower to 4.97 per cent from 4.99 per cent late Friday.. Apple rose 0.7 per cent ahead of a Tuesday event where it’s expected to release its latest iPhone model. How Apple performs has great consequence for the market because it’s the most valuable stock on Wall Street. That means its movements pack more weight on the S&P 500 and other indexes than any other stock.
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