Wall Street rallied to its best day since June on Wednesday after pressure that’s built up on stocks from the bond market relaxed a bit.
The Australia is also stronger. It was 0.8 per cent higher at 64.76 US cents at 7am AEST.
The computer chipmaker has rocketed into the constellation of Big Tech’s brightest stars while riding the artificial intelligence craze that’s fuelling red-hot demand for its technology. They’ve been under more pressure recently, as yields crank higher in the bond market. When bonds are paying more in interest, investors feel less need to pay high prices for stocks and other investments that can swing sharply in price.
“A near-stalling of business activity in August raises doubts over the strength of US economic growth in the third quarter,” said Chris Williamson, chief business economist at S&P Global Market Intelligence. The hope among traders has been that the Fed has already hiked rates for the final time this cycle and that it will begin cutting rates early next year. But such hopes have been diminishing with each stronger-than-expected report on the economy that’s come in recently.
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