US stocks edge higher as bond yields stabilise

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The S&P 500 turned modestly positive in afternoon trade as consumer staples, utilities, energy stocks offset tech weakness.

Shares in the fund manager soared on a special dividend and a cost-cutting promise. But the talk of MASX futures down 20 points or 0.28% to 7073 near 4.30am AESTOn Wall St at 2.41pm: Dow +0.1% STesla 1-9% Apple +0.3% Amazon -0.6% Alphabet -1.9%Spot gold -0.02% to $US1889.14/oz at 2.43pm in New York10-year yield: US 4.25% Australia 4.23% Germany 2.62%Fundstrat Global’s Tom Lee sees more selling, though no panic. “August is proving to be even more treacherous that our ‘be wary’ view.

“The ‘Yul Brynner’ of our self-proclaimed “Magnificent Seven” is Microsoft,” Hartnett wrote, and “if [the] ringleader can’t maintain new highs, equity and credit narrative could flip from ‘buy-the-dip in the first half to ‘sell-the-rip’ in the second half.”European shares sank to their lowest level in six weeks on Friday, dragged down by financials and healthcare .

China-exposed luxury heavyweights LVMH, Kering and Hermes fell by 0.7 per cent to 1.1 per cent on heightened concerns over dwindling demand from the world’s second-largest economy. UK’s blue-chip FTSE 100 fell 0.7 per cent after data showed British retail sales slumped more sharply than expected in July.

 

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