The S&P 500 rose 0.3 per cent in afternoon trading as it kicked off a shortened, four-day week that includes the Fourth of July holiday. The Dow Jones was up 0.2 per cent and the Nasdaq composite was 0.8 per cent higher. The Australian sharemarket is set to retreat, with futures at 5.02am AEST pointing to a fall of 24 points, or 0.3 per cent, at the open. The ASXSome of the world’s strongest action was across the Atlantic, where the CAC 40 index in Paris jumped as much as 2.
In the bond market, Treasury yields rose, as they did Friday immediately following the Biden-Trump debate. Increased prospects for a Republican sweep in November sent traders back to moves from 2016, according to strategists at Morgan Stanley. Besides pushing rates higher, traders also piled into stocks of oil-and-gas and financial companies, among other moves.The yield on the 10-year Treasury climbed to 4.49 per cent from 4.39 per cent late Friday and from 4.29 per cent late Thursday.
At that level, the US economy could continue to grow and avoid a recession without being so strong that it puts too much upward pressure on inflation.
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