The Australian sharemarket is set to edge higher at the open, a day after sharp losses.
US stocks are drifting higher in afternoon trade as Wall Street looks to avoid back-to-back losing sessions.
GE Aerospace was one of the heaviest weights on the stock market after tumbling 8.2 per cent. The company, which began trading independently this spring after splitting off from the former conglomerate General Electric, reported stronger profit for the latest quarter than analysts expected, but its revenue fell short of forecasts.
Sherwin-Williams sank 4.4 per cent after both its profit and revenue came in weaker than analysts expected. CEO Heidi Petz cited a “tough macroeconomic environment” and “continued choppiness in the demand environment” for its paints and coatings. Demand from do-it-yourself customers in North America remains weak given the higher debt levels that they’re carrying and still-lingering inflation.
The yield on the 10-year Treasury held steady at 4.20 per cent from late Monday. But, it’s still well above the 4.08 per cent level it was at just on Friday. Higher yields for Treasurys can make investors less willing to pay high prices for stocks, which critics say already look too expensive.
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