Stocks are slipping on Wall Street, despite a blowout profit report from one of its most influential companies, after a couple of mixed reports on the US economy.
The S&P 500 was 0.8 per cent lower in afternoon trading after flipping from an earlier gain. It’s still on track for a winning week, which would trim its loss for what’s been a dismal August.The Dow Jones was down 0.7 per cent and the Nasdaq composite was 1.1 per cent lower. The Australian sharemarket is set to start the session sharply lower, with futures at 5.08am AEST pointing to a drop of 73 points, or 1 per cent, at the open.
Yields found some traction following a couple of mixed reports on the US economy. One showed that fewer US workers applied for unemployment benefits last week. It’s the latest sign that the job market remains remarkably resilient despite high interest rates. The Federal Reserve has already raised its main interest rate to the highest level since 2001 in hopes of grinding down high inflation. High rates work to do that by slowing the entire economy and hurting prices for investments.
That weaker-than-expected report pushed John Vail, chief global strategist at Nikko Asset Management, to think Powell may not sound as aggressive about keeping rates high.
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