The S&P 500 rose 0.3 per cent in afternoon trading and is edging closer to its all-time high set a week earlier. The rebound for Nvidia helped the Nasdaq composite jump 1.1 per cent and head toward its first gain in four days. The Dow Jones, which doesn’t include Nvidia among its members, was a laggard and down 0.7 per cent.The Australian sharemarket is set to retreat, with futures at 5am AEST pointing to a fall of 31 points, or 0.4 per cent, at the open. The ASXNvidia was up 5.
In financial markets, the focus is starting to swing toward growth and away from just inflation and interest rates, according to Michael Wilson and other strategists at Morgan Stanley.Pool Corp., a distributor of swimming pool supplies, tumbled 7.6 per cent after it said construction of new pools is falling amid “cautious consumer spending on big ticket items” and cut its financial forecasts for the year.
Broadly, sales at retailers across the country have been up and down recently as companies highlight how lower-income customers are struggling to keep up with still-rising prices. The job market, though, still looks mostly solid. A report on Tuesday also showed confidence among US consumers fell this month, but not by quite as much as economists expected.
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