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On Wall Street overnight, the S&P 500 edged down by less than 0.1 per cent. It was a tiny loss, but it still marked the first back-to-back drop for the index in a month and a half.
The Dow Jones slipped 6 points, or less than 0.1 per cent. Like the S&P 500, it’s been on a long, record-breaking rally and set its all-time high on Friday. The Nasdaq composite rose 0.2 per cent.
General Motors jumped 10.4 per cent for its best day since 2020 after delivering stronger profit and revenue for the latest quarter than analysts expected. It benefited from stronger sales to individual US customers, even as sales slowed to large fleet buyers.
Philip Morris was another one of the strongest forces pushing upward on the S&P 500 and rallied 10.5 per cent after topping forecasts for both profit and revenue.
Trump Media & Technology Group jumped another 9.9 per cent to bring its gain to 183 per cent since hitting a bottom late last month. The company behind former President Donald Trump’s Truth Social platform is still losing money, but it tends to move more with the perceived chances of Trump’s reelection than anything else. It’s back above $US34, but still well below its peak above $US66 reached in March.
Treasury yields have been climbing following a raft of reports showing the US economy remains stronger than expected. That’s good news for Wall Street because it bolsters hopes that the economy can escape from the worst inflation in generations without the painful recession that many had worried was inevitable.
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“What appears to be unfolding before our eyes is a soft-landing scenario only the most optimistic dream of,” according to Gregory Daco, EY chief economist.
With AP
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