US stocks are ticking higher as Wall Street continues to absorb the big swings that have shaken financial markets recently.
The S&P 500 was 0.2 per cent higher and on track for a second quiet day after months of heavy losses swivelled sharply to a rally last week, its best of the year. The Dow Jones was up 34 points, or 0.1 per cent, in early afternoon trade, and the Nasdaq composite was 0.8 per cent higher.The Australian sharemarket is set to edge lower, with futures at 4.54am AEDT pointing to a dip of 9 points, or 0.1 per cent, at the open. The ASXTripAdvisor jumped 10.
But yields eased sharply last week after investors took comments from the Federal Reserve to indicate it may finally be done with its hikes to interest rates. Inflation has been moderating since peaking in the summer of 2022, and the recent jump in Treasury yields may be acting like a substitute for more rate hikes.Of course, Fed Chair Jerome Powell also cautioned last week that more hikes may still come if the rise in Treasury yields does not stay “persistent.
“When narratives shift, the market response is often fast and ferocious, with the initial reaction providing the best returns,” said Jason Draho, head of asset allocation Americas at UBS Global Wealth Management.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ASX set to slip on RBA day; Wall Street flatUS stocks are drifting as Wall Street’s wild recent moves calm a bit.
Read more »
ASX set to slip on RBA day; Wall Street flatUS stocks are drifting as Wall Street’s wild recent moves calm a bit.
Read more »
ASX set to slip on RBA day; Wall Street flatUS stocks are drifting as Wall Street’s wild recent moves calm a bit.
Read more »
Before the Bell: ASX to slip, techs power Wall Street higherAustralian shares are set to edge down. BHP, Rio drop in New York. Oil slides. Amazon paces gains in US megacap techs, S&P 500, Nasdaq.
Read more »
ASX 200 LIVE: ASX to slip, S&P 500 struggles to extend reboundShares are set for modest opening losses as Wall Street struggles to extend its rebound. Cash rate seen rising a quarter point. Follow updates here.
Read more »