The Australian sharemarket is set to inch higher at the open after Wall Street made a positive start to its week.
The S&P 500 was 0.2 per cent higher in afternoon trading, coming off its fifth winning week in the last six, and flitting around its record set on Thursday. The Dow Jones rose 75 points, or 0.2 per cent, from its own record set on Friday. The Nasdaq composite was 0.2 per cent higher. The Australian sharemarket is set to edge higher, with futures at 4.56am AEST pointing to a gain of 4 points at the open. The ASXTesla led the way with a gain of 4.6 per cent.
The overall figures suggest a US economy that’s still growing at a healthy rate, according to Chris Williamson, chief business economist at S&P Global Market Intelligence. “But there are some warning lights flashing, notably in terms of the dependence on the service sector for growth, as manufacturing remained in decline, and the worrying drop in business confidence.”Several reports coming this week could offer more context about where the US economy stands.
But now that inflation has come down substantially from its peak two summers ago, the Fed has shifted gears.
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