Australian shares are poised to fall. In New York, the Nasdaq and S&P 500 rose, bolstered by a 7.3 per cent surge in Apple on optimism about plans to boost its devices with AI capabilities. Banking stocks dragged on the Dow. Apple finished the session with a market cap of $US3.18 trillion; Microsoft is at $US3.22 trillion. Nvidia is at $US2.97 trillion.
“As is typical when markets lack visibility, negative views and concerns prevail and that is why equities have been drifting lower since Friday. But we believe Wednesday will mark a positive turning point for stocks.” Lee said if CPI meets consensus, a plus 0.28 per cent reading, that would be positive for equities. “Roughly half of the CPI components have inflation rates below their pre-pandemic averages.
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