Wall Street is mixed following a rush of profit reports from big US companies, as a sharp drop for IBM helps cancel out a surge for Tesla.
The S&P 500 was 0.2 per cent higher in afternoon trading. It’s coming off of its first three-day losing streak since early September.The Nasdaq composite was up 0.6 per cent, while the Dow Jones was lagging the rest of the market with a drop of 178 points, or 0.4 per cent. The Australian sharemarket is set for a flat start to the session. It slidIBM was one of the heaviest weights on the market and fell 6.
UPS climbed 4.4 per cent after likewise topping analysts’ forecasts for profit. The package-delivery company’s finances can offer a window into the strength of the economy because of how many different types of customers it serves, and its revenue edged past expectations.ServiceNow, whose platform helps companies automate and connect processes, was another one of the strongest forces pushing upward the S&P 500. It jumped 5.
But it’s also forcing traders to ratchet back forecasts for how deeply the Federal Reserve will cut interest rates, now that it’s just as focused on keeping the economy humming as getting inflation lower. With bets diminishing on how deeply the Fed will ultimately cut its overnight interest rate, Treasury yields have also been given back some of their earlier declines.
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