A record-setting week for Wall Street closed on a quieter note, as US stocks drifted around the highs they hit during a worldwide rally the day before.
The S&P 500 slipped 0.2 per cent from its record, and the Nasdaq composite fell 0.4 per cent. The Dow Jones, meanwhile, added 38 points, or 0.1 per cent, to its all-time high. The Australian sharemarket is set to retreat, with futures pointing to a loss of 68 points, 0.8 per cent, at the open.FedEx dragged on Wall Street with a drop of 15.2 per cent after its profit and revenue for the latest quarter fell short of analysts’ expectations.
TMTG stock has dropped below $US14 from more than $US60 in March, and it’s taken a roller-coaster ride there. Over the last six months, the stock has often swung by at least 5 per cent in a day, up or down. The Fed is still under pressure because hiring has begun to slow under the weight of higher interest rates. Some critics say the central bank waited too long to cut rates and may have damaged the economy.
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