Gains in Apple and Tesla helped pace New York higher overnight, into overbought territory, as consumer sentiment remained strong.
US stocks finished the week on solid footing, with traders assessing whether an inflation slowdown could soon make the Federal Reserve reduce the pace of its most-aggressive tightening campaign in decades and prevent a hard landing.
The gauge recouped half of its losses from January through June, topping the so-called 50 per cent Fibonacci retracement level. It’s now sitting about 1.5 per cent below its 200-day average -- a threshold crossed by the Russell 2000 gauge of small caps.Bitcoin -0.1% to $US24,131 near 7.40am AESTIn New York: BHP +0.7% Rio +0.4% Atlassian +2.7%In Europe: Stoxx 50 +0.5% FTSE +0.5% CAC +0.1% DAX +0.7%
The next few weeks will be crucial in determining the sustainability of the rally. With the earnings season almost over, economic reports mixed at best and many Fed speakers unwilling to sound too dovish, some analysts see the chances of a breather.To Matt Maley at Miller Tabak, stocks are indeed getting overbought on a very-short-term basis, so a decline or sideways move “would not be the worst development in the world”.
Lindsey Bell, chief markets and money strategist at Ally, said the market’s now entering what is often considered a “sketchy period”.
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