US stocks are rising, a day after their worst losses since 2022 led to a wipeout for financial markets around the world.
The S&P 500 rose 0.4 per cent in afternoon trading after a surprisingly strong report on the US economy raised hopes for stronger profits at smaller stocks and other formerly unloved areas of the market. The Dow Jones was up 0.9 per cent and the Nasdaq composite was 0.3 per cent higher. The Australian sharemarket is set for gains, with futures at 5.01am AEST pointing to a gain of 40 points, or 0.5 per cent, at the open.
Cuts to rates would release pressure that’s built up on both the economy and financial markets, and investors are thinking it could offer a particularly big boost to smaller stocks and other formerly downtrodden areas of the market.The Russell 2000 index of smaller stocks jumped 2 per cent, doing better than other market indexes. It’s up about 9 per cent this month, versus a slight loss for the big stocks in the S&P 500.
ServiceNow was another one of the strongest forces pushing upward on the market. The company, whose platform helps businesses connect seemingly disjointed systems, jumped 15.3 per cent after delivering stronger profit and revenue than expected. It also raised its forecast for subscription revenue this year.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ASX to fall as tech giants send Wall Street to worst day since 2022A wipeout sent US stock indexes to their worst losses since 2022 after profit reports from Tesla and Alphabet helped suck momentum from Wall Street’s frenzy around AI.
Read more »
ASX 200 LIVE: ASX to drop on inflation worries, Wall Street gainsASX futures lose 1pc as inflation hits 4pc. Wall St gains. European stocks fall. Gold eases, oil flat. Bitcoin extends losses. AVZ rejects takeover bid. Follow here.
Read more »
ASX 200 LIVE: ASX to rally, Nvidia paces new Wall Street recordsAustralian shares are set to open higher. All three US benchmarks advanced as tech rallied again. US June CPI awaited. Follow updates here.
Read more »
ASX 200 LIVE: ASX to rally, Nvidia paces new Wall Street recordsLocal shares near record high. ANZ Bank targeted by regulator. Telix jumps. Oil rises, iron ore slips again. Wall St hits records as tech climbs again. US June CPI ahead. Follow here.
Read more »
ASX 200 LIVE: ASX to rally, Nvidia paces new Wall Street recordsLocal shares near record high. ANZ Bank targeted by regulator. Telix jumps. Oil rises, iron ore slips again. Wall St hits records as tech climbs again. US June CPI ahead. Follow here.
Read more »
ASX 200 LIVE: ASX to rally, Nvidia paces new Wall Street recordsLocal shares near record high. ANZ Bank targeted by regulator. Telix jumps. Oil rises, iron ore slips again. Wall St hits records as tech climbs again. US June CPI ahead. Follow here.
Read more »