US stocks are ticking higher as Wall Street’s rollercoaster of a summer levels out a bit.
The S&P 500 was 0.7 per cent higher in afternoon trading, coming off its best week of the year. The Dow Jones was up 188 points, or 0.5 per cent and the Nasdaq composite was 1 per cent higher. The Australian sharemarket is set to rise, with futures at 4.56am AEST pointing to a jump of 47 points, or 0.6 per cent, at the open. The ASXAmong the biggest movers in the mostly quiet market was chip company Advanced Micro Devices. It rose 3.
The setting for the speech in Jackson Hole, Wyoming, has been home to some big policy announcements by the Fed in the past. Expectations aren’t that high this time around, with nearly everyone already expecting the Fed will begin cutting interest rates next month. This upcoming week doesn’t have as many economic reports on the schedule. A preliminary report on US business activity day could be the highlight of the week, arriving on Thursday.
Retailers dominate the tail end of earnings season, and Lowe’s, Ross Stores, Target and TJX will be among those in the spotlight this week.
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