US stocks are kicking off December by drifting around their record heights.
The S&P 500 rose 0.3 per cent in afternoon trading after closing its best month of the year at an all-time high. The Dow Jones was down 150 points, or 0.3 per cent, and the Nasdaq composite was 1.1 per cent higher. The Australian sharemarket is set to rise, with futures at 4.58am AEDT pointing to a gain of 50 points, or 0.6 per cent, at the open. The ASXSuper Micro Computer, a stock that’s been on an AI-driven roller coaster, soared 31.4 per cent to help lead the market.
Utility PG&E had one of the biggest drops in the S&P 500, 5.4 per cent, after saying it would sell $US2.4 billion of stock and preferred shares to raise cash. The US dollar’s value rose Monday against several other currencies, but one of its strongest moves likely had less to do with the tariff threats. The euro fell amid a political battle in Paris over the French government’s budget. The euro sank 0.7 per cent against the US dollar and broke below $US1.05.
This upcoming week will feature several big updates on the job market, including the October job openings report, weekly unemployment benefits data and the all-important November jobs report. They could all help steer the next moves for Federal Reserve, which recently began pulling interest rates lower to give support to the economy.
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