The S&P 500 rose 0.3 per cent to keep upward momentum from its first winning week since July. The Dow Jones rose 0.3 per cent and the Nasdaq rose 0.5 per cent. The Australian sharemarket is set to open higher, with futures at 4.56am AEST pointing to a gain of 16 points, or 0.2 per cent, at the open.Wall Street is wrapping up its latest round of earnings reports. Best Buy and Costco will report their results this week.
Investors have a busy week ahead full of economic reports that could shed more light on the employment market and whether inflation is still cooling. The latest data could provide more clues about whether the Federal Reserve is likely to hold interest rates steady or raise them again before the year closes.Wall Street will get an update Tuesday on consumer confidence, which jumped sharply in July and is expected to remain strong in August.
“The general consensus is that we’re getting closer to the end of the interest rate hiking cycle,” said Brian Price, head of investment management for Commonwealth Financial Network.
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