US stocks are retreating from their records as worries worsen about the escalating violence in the Middle East.
The S&P 500 pulled 0.7 per cent lower, a day after setting an all-time high for the 43rd time this year. The Dow Jones was down 71 points, or 0.2 per cent, in afternoon trading. Both indexes hit records the previous day. The Nasdaq composite was 1.3 per cent lower, as of 2:12 p.m. Eastern time, as drops in Big Tech stocks weighed on the market.The Australian sharemarket is set for a bright start to the session, with futures pointing to a gain of 22 points, or 0.3 per cent, at the open.
The question is whether the cuts will ultimately prove to be too little, too late after the Fed earlier kept rates at a two-decade high in hopes of braking on the economy enough to stamp out high inflation.A discouraging report arrived Tuesday, showing US manufacturing weakened by more in September than economists expected.
The workers are asking for a labor contract that doesn’t allow automation to take their jobs, among other things. So far, financial markets have been taking the strike in stride. Supply chain experts say consumers won’t see an immediate impact from the strike because most retailers stocked up on goods, moving ahead shipments of holiday gift items.Signet Jewelers dropped 9 per cent after the diamond retailer said CEO Virginia Drosos is retiring, effective Nov. 4. The company named J.K.
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