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ASX set to rise as Wall Street jumps to trim its losses for the week

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US stocks are ticking higher as Wall Street waits for reports on profit at one of its most influential stocks and on the health of the country’s job market.

With a meeting by the Federal Reserve out of the way,

Earnings reports from other companies were helping to drive the market. Qualcomm rose 9.6 per cent after topping forecasts for profit and revenue in the latest quarter. The tech company also gave forecasted ranges for upcoming revenue and profit whose midpoints topped analysts’ expectations.Carvana revved 30 per cent higher after the used-car seller reported much better results for the latest quarter than analysts expected, boosted by better-than-forecast sales.

Peloton Interactive swung from an early gain to a loss of 9.6 per cent after it said it would cut roughly 400 jobs as part of a program to save $US200 million in costs annually. It also said its CEO, Barry McCarthy, is stepping down. The company’s stock had fallen to a record low last week. One showed that fewer US workers applied for unemployment benefits last week than economists expected. It’s the latest signal that the job market remains solid despite high interest rates.

 

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