US stocks are holding relatively steady after more big companies delivered profit reports that topped analysts’ expectations.
The S&P 500 was 0.5 per cent higher in afternoon trading, a day after breaking an eight-day winning streak, its longest of the year. The Dow Jones was up 82 points, or 0.2 per cent, and the Nasdaq composite was 0.7 per cent higher. The Australian sharemarket is set for a positive start to the session, with futures at 4.54am AEST pointing to a gain of 27 points, or 0.3 per cent, at the open.
TJX, the company behind TJ Maxx and Marshalls, rose 5.8 per cent after it likewise reported stronger profit for the latest quarter than expected. The retailer also raised its profit forecast for the full year and said it saw increased customer transactions at all of its divisions.They helped offset an 11.6 per cent drop for Macy’s. The company reported better profit than analysts expected, but its revenue fell short of forecasts.
Most Federal Reserve officials agreed last month that they would likely cut their benchmark interest rate at their next meeting in September as long as inflation continued to cool, according to minutes of the meeting released Wednesday.
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ASX set to rise as Wall Street advances on resultsUS stocks are holding relatively steady after more big companies delivered profit reports that topped analysts’ expectations.
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