US stocks are slipping as some momentum comes out of the torrid “Trump trade” that swept Wall Street following Donald Trump’s presidential victory.
The S&P 500 was 0.5 per cent lower in afternoon trading, coming off its latest all-time high. The Dow Jones was down 348 points, or 0.8 per cent, and the Nasdaq composite fell 0.5 per cent. The Australian sharemarket is set for heavy losses, with futures at 5.02am AEDT pointing to a loss of 100 points, or 1.2 per cent, at the open.
The stock that’s become most entwined with Trump’s popularity, Trump Media & Technology Group, fell 8.2 per cent.Helping to offset such losses was Live Nation Entertainment, which joined the lengthening list of US companies delivering stronger profit for the summer than analysts expected. The company behind Ticketmaster said concert fans around the world are spending more to hear artists, and it said trends are already encouraging for 2025 stadium tours for Coldplay and others.
Home Depot pulled back 0.8 per cent despite beating analysts’ profit expectations, as it continues to contend with a pullback in spending by customers.Mosaic fell 8.2 per cent after the producer of crop fertilisers reported weaker profit and revenue for the latest quarter than analysts expected. It also named a new chief financial officer.
In the bond market, Treasury yields rallied as trading of US. government bonds resumed following Monday’s Veterans Day holiday.Treasury yields have climbed sharply since September, in large part because the US. economy has remained much more resilient than feared. The hope is that it can continue to stay solid as the Federal Reserve continues to cut interest rates in order to keep the job market humming, now that it’s helped get inflation nearly down to its 2 per cent target.
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