US stocks are drifting around their records as Wall Street’s white-hot rally lets off the accelerator.
The S&P 500 was down 0.2 per cent in midday trading, a day after rising tech stocks helped it set an all-time high for the 54th time this year. It’s climbed in nine of the last 10 days and is on track for one of its best years since the turn of the millennium.The Dow Jones was down by 177 points, or 0.4 per cent, while the Nasdaq composite edged up by 0.1 per cent from its own record set a day earlier. The Australian sharemarket is set to retreat, with futures at 5.
In the bond market, Treasury yields held relatively steady after a report showed US employers were advertising slightly more job openings at the end of October than a month earlier. Continued strength there would raise optimism that the economy could keep avoiding a recession that many investors had earlier thought was inevitable.The yield on the 10-year Treasury edged up to 4.21 per cent from 4.20 per cent late Monday.
Since his victory, Trump has broadcasted his plans for tariffs, including for goods coming from China.
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