Wall Street is drifting in mixed trading ahead of two potentially market-shaking events later in the week.
The S&P 500 was 0.2 per cent lower in late trading, coming off a rare August gain that was powered by Big Tech stocks. The Dow Jones was down 0.5 per cent. The Nasdaq composite was 0.2 per cent higher.The Australian sharemarket is set to start the day in the red, with futures at 5am AEST pointing to a fall of 18 points, or 0.3 per cent, at the open. The ASXStocks have struggled this month as yields have shot upward in the bond market, which cranks up the pressure on other investments.
Dick’s Sporting Goods plunged 23.3 per cent after its profit for the latest quarter fell well short of expectations. It also cut its forecast for earnings over the full year, citing “inventory shrink.” That’s a term the industry uses to refer to theft and other losses of goods that never become sales.Macy’s fell 14.4 per cent despite reporting stronger results for the latest quarter than Wall Street expected.
In the bond market, the 10-year Treasury yield ticked down to 4.32 per cent from 4.34 per cent late Monday. It’s the centre of the bond market and helps set rates for mortgages and other important loans. In recent years, everything from commodities to bonds to foreign stocks has become more vulnerable to outsized moves around Jackson Hole, the strategists say.
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