US stocks are rising and clawing back some of the losses from their worst week in nearly a year and a half.
The S&P 500 was 0.9 per cent higher in afternoon trading and on track to break a four-day losing streak. The Dow Jones was up 453 points, or 1.1 per cent and the Nasdaq composite was 0.7 per cent higher. The Australian sharemarket is set to rise, with futures at 4.51am AEST pointing to a jump of 64 points, or 0.8 per cent at the open. The ASXBoeing climbed 3.
The Federal Reserve has been intentionally pressing the brakes on the economy through high interest rates in order to stifle high inflation. It’s set to start lowering rates later this month, which would ease the pressure on the economy, as it turns its focus toward protecting the job market and avoiding a recession. The question on Wall Street is if the Fed’s shift in focus will prove to be too late.
On Wall Street, Apple’s stock fell 1.3 per cent as the company held an event unveiling its latest iPhone model, the 16. It’s the first model to be tailored specifically for artificial intelligence, with expected improvements to its often dim-witted virtual assistant, Siri.Palantir Technologies jumped 12.8 per cent in its first trading after S&P Dow Jones Indices said it would add the company to its widely followed S&P 500 index. Dell Technologies rose 3.
In the bond market, the 10-year Treasury yield edged down to 3.71 per cent from 3.72 per cent late Friday.
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