Stock indexes on Wall Street are mixed a day after the Dow Jones set an all-time high.
The S&P 500 was up 0.2 per cent in afternoon trading after drifting between small gains and losses for much of the day. The Dow was down 19 points, or 0.1 per cent. The Nasdaq composite was up 0.3 per cent. The Australian sharemarket is set to decline, with futures at 4.50am AEST pointing to a loss of 27 points, or 0.3 per cent, at the open. The ASX shed 0.2 per cent on Tuesday.
Wall Street is mixed on another day of wobbly trading.Credit: AP
Semiconductor company Nvidia, with a total market value topping $US3 trillion ($4.4 trillion), reports its latest financial results on Wednesday. It rose 1.8 per cent. Wall Street’s mania around artificial intelligence has helped propel a 160 per cent gain for the stock this year.
The parent company of the Paramount movie studio slid 6.3 per cent after Edgar Bronfman Jr., the former head of Warner Music Group, abandoned his bid for the company, clearing the way for it to be acquired by the media company Skydance.
Treasury yields held steady in the bond market. The yield on the 10-year Treasury rose to 3.83 per cent from 3.82 per cent late Monday.
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The Conference Board, a business research group, said Tuesday that its consumer confidence index rose to 103.3 in August from 101.9 in July. The results were better than economists expected and could help bolster sentiment that consumers remain resilient, despite pressure from inflation.
Consumer spending accounts for nearly 70 per cent of U.S. economic activity. That has been a strong area of the economy, along with the jobs market.
Best Buy and Dollar General will report their latest results Thursday. That could give investors more insight into where, and how much, consumers are spending.
Source Agencies
