The S&P 500 rose 0.1 per cent in afternoon trading and is on track to beat its record set last week. The Dow Jones Industrial Average was up 35 points, or 0.1 per cent, as of 2:18 p.m. Eastern time. The Nasdaq composite rose 0.1 per cent a day after setting its latest all-time high. The Australian sharemarket is set to rise, with futures at 5.01am AEST pointing to a gain of 15 points or 0.2 per cent, at the open.
Lowe’s fell 2.6 per cent despite reporting better results for the latest quarter than analysts had feared. It said it’s maintaining its forecast for revenue this year, including a dip of up to 3 per cent for an important underlying sales figure as high interest rates keep a lid on customer activity. A top Fed official, Gov. Christopher Waller, said in a speech Tuesday that he’s expecting to see moderation in economic data after reports recently came in weaker than expected on sales at US retailers and on the strength of US services businesses. That in turn should help put downward pressure on inflation.
Source: News Formal (newsformal.com)
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