The S&P 500 was 0.2 per cent higher in late trade. The Dow Jones fell 0.3 per cent, while the Nasdaq composite rose 0.7 per cent. The trading follows another record-setting day for both the S&P 500 and the Nasdaq.The Australian sharemarket is set to open lower, with futures at 4.58am AEST pointing to a fall of 38 points, or 0.5 per cent, at the pen. The ASXThere was little corporate or economic news for investors to review. General Motors rose 1.
Apple rose 6 per cent, helping to offset losses elsewhere in the technology sector. The company is gaining ground after highlighting its push into artificial intelligence technology. Affirm Holdings climbed 7 per cent on news that it the buy now, pay later company will be integrated into Apple Pay. Wall Street expects the government’s consumer price index to remain unchanged at 3.4 per cent in May. Inflation as measured by the CPI is down sharply from its peak at 9.1 per cent in 2022, but it has seemingly stalled around 3 per cent. That has complicated the Fed’s goal of taming inflation back to its target rate of 2 per cent.
When Fed officials released their last projections in March, they indicated the typical member foresaw roughly three cuts to interest rates in 2024. That projection will almost certainly fall this time around.
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