Interest rate-sensitive megacaps boosted the tech-heavy Nasdaq sharply higher, while the S&P 500 and the Dow both are in the green. The S&P 500 gained 0.8 per cent by mid-afternoon, the Dow Jones was up 0.2 per cent and the Nasdaq added 1.5 per cent.The Australian sharemarket is set to retreat, with futures at 4.55am AEST pointing to a drop of 20 points, or 0.3 per cent, at the open.
John Williams, President of the Federal Reserve Bank of New York, said “there’s no clear need to adjust monetary policy in the very near term.”Richmond Fed President Thomas Barkin cited the latest inflation data, saying the central bank is not yet confident pricing pressures will continue to ease. Investors now switch their focus to first-quarter earnings season, with results from three major U.S. banks - JPMorgan Chase & Co, Citigroup, and Wells Fargo & Co - due Friday morning.The FANG+ index of megacap momentum stocks was a clear outperformer, gaining 2.3 per cent.CarMax slid 11.5 per cent after the pre-owned vehicles retailer missed analysts’ estimates for fourth-quarter results and said it might not meet its long-term vehicle sales target.
Rent the Runway skyrocketed by 129.9 per cent after the apparel rental company said it was betting on artificial intelligence to power its current year growth.
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