The S&P 500 was 0.9 per cent higher in afternoon trading and on track to close above its all-time high set on Thursday. The Dow Jones was up 0.5 per cent. The Nasdaq composite was adding 1.2 per cent to its own record. The Australian sharemarket is set for a bright start, with futures at 4.45am AEST pointing towards a rise of 32 points or 0.4 per cent, at the open. The ASXAutodesk jumped 7.
Broadcom was one of the strongest forces pushing the S&P 500 upward, along with a 2.7 per cent rise for Apple and 5.9 per cent jump for Tesla.They were helping to offset weakness caused by rising Treasury yields in the bond market. The climb in yields erased some of the slack created last week when better-than-expected reports on inflation raised hopes that the Federal Reserve will cut interest rates later this year.
A report on Monday said manufacturing in New York state is still contracting, though not by as much as economists expected. Manufacturing has been one of the areas hardest hit by the Federal Reserve’s zeal to keep its main interest rate at the highest level in more than two decades.The Fed is trying to hold rates high for long enough to slow the economy and snuff out high inflation, but it wants to cut rates and reverse the momentum before the slowdown can evolve into a painful recession.
Real-estate investment trusts in the S&P 500 fell 0.5 per cent and utilities fell 0.6 per cent. That latter’s relatively big dividends tend to see less interest from buyers when bonds are paying more in interest.GameStop fell 11.8 per cent following its annual shareholder meeting. The company had originally scheduled the meeting for Thursday, but it was postponed after a technical issue resulted in many investors being unable to log on to the livestream.
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