The S&P 500 was 0.2 per cent higher in afternoon trading and on track to top its record set last week. The Dow Jones was up 0.2 per cent, with roughly an hour remaining in trading, and the Nasdaq composite was 0.3 per cent higher. The Australian sharemarket is set to slide in its first trading day of the week. Futures at 4.55am AEST are pointing to a retreat of 18 points, or 0.2 per cent at the open.Southwest Airlines flew to one of the market’s biggest gains, up 7.
Apple fell 1.8 per cent following a highly anticipated conference where it showed how it’s operating systems will use ChatGPT to offer services using artificial-intelligence technology. A furor around AI broadly on Wall Street has helped send stocks to records despite worries about high interest rates and the slowdown in the U.S. economy that they induce.
Nvidia, for example, is worth roughly $US3 trillion and rose 0.6 per cent Monday after reversing an earlier loss. It’s the first day of trading for the company since a 10-for-one stock split meant to make its share price more affordable to more investors, after it ballooned to more than $US1,000 amid the AI frenzy.
On Wednesday, the Federal Reserve will announce its latest decision on interest rates. Virtually no one expects it to move its main interest rate then. But policy makers will be publishing their latest forecasts for where they see interest rates and the economy heading in the future.The last time Fed officials published such projections, in March, they indicated the typical member still expected roughly three cuts to interest rates in 2024.
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