The S&P 500 was flat in afternoon trading, the Dow Jones was up 0.7 per cent and the Nasdaq composite was 0.6 per cent lower. The Australian sharemarket is set to rise, with futures at 4.59am AEST pointing to a gain of 48 points, or 0.6 per cent, at the open. The ASXStocks of oil-and-gas companies had some of the biggest gains. Exxon Mobil rose 2.8 per cent, and oilfield services provider SLB gained 4.1 per cent as oil prices hovered near their highest levels since April.
The AI boom has been so frenzied that it’s raised worries about a possible bubble in the stock market and too-high expectations among investors. Nvidia’s stock has been pulling back since it briefly overtook Microsoft as Wall Street’s most valuable last week. It’s coming off its first losing week in the last nine.
Under Armour swung from an early loss to a gain of 1.6 per cent in its first trading after saying it agreed to pay $US434 million to settle charges raised by shareholders related to its accounting and sales practices. The shoe and athletic wear company denied any wrongdoing in the settlement, but it also agreed to separate the roles of chairman and CEO for at least three years.In the bond market, Treasury yields were holding relatively steady. The yield on the 10-year Treasury slipped to 4.
The Fed has been keeping the federal funds rate at the highest level in more than 20 years, hoping to grind down on the economy just enough to get inflation under control.
Source: News Formal (newsformal.com)
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