A fall in technology giants’ share prices dragged the key index for the US stockmarket lower, even as the latest update on inflation bolstered Wall Street’s belief that relief on interest rates may come as soon as September.
The Australian market is set to open higher, with futures pointing to a rise of 44 points, or 0.6 per cent, in the ASX 200. On ThursdayThe direction was decidedly upward for the majority of stocks on Wall Street, particularly housing-related companies, real-estate owners and others that benefit from easier interest rates. SBA Communications, which owns towers and other sites used for wireless communications infrastructure, jumped 7.5 per cent for the biggest gain in the S&P 500.
“One word: pivotal,” said Lindsay Rosner, head of multi-sector investing within Goldman Sachs Asset Management. “With three inflation prints between this morning and September’s Fed meeting, today’s print was crucial in helping the Fed gain confidence inflation is still moving in the right direction.”
Real-estate investment trusts in the S&P 500, including SBA Communications, jumped 2.7 per cent for the biggest gain among the 11 sectors that make up the index. Utility stocks were close behind with a gain of 1.8 per cent.Homebuilders were also strong on hopes that lower mortgage rates will juice the industry. D.R. Horton climbed 7.3 per cent, and Lennar rose 6.9 per cent for some of the biggest gains in the S&P 500. Mohawk Industries, which makes flooring for homes, jumped 7.
Tesla fell 8.4% to give back some of the gains from an 11-day romp where the electric-vehicle maker’s stock had soared 44 per cent. It and all the other stocks in the group that’s come to be known as the “Magnificent Seven” fell for the day.
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