US Stocks Slide, But Optimism Remains High

US stock indexes are sliding back and trimming some of their stellar gains for the year. The S&P 500 fell 0.3 per cent in afternoon trading, though it’s still near its all-time high set earlier this month. The Dow Jones was down 242 points, or 0.5 per cent, and the Nasdaq composite slipped 0.2 per cent from its record set the day before.The Australian sharemarket is set to edge up, with futures at 5.07am AEDT pointing to a gain of 7 points, or 0.1 per cent, at the open. The ASXon Tuesday.

The Australian dollar retreated. It was 0.5 per cent lower at 63.40 US cents at 5.22am AEDT. Nvidia, the superstar stock that’s been a big reason for Wall Street’s run to repeated records this year, fell 0.4 per cent to weigh on the market. It’s on track for an eighth loss in the last nine days and has dropped more than 10 per cent from its record set last month, as its moonshot momentum slows. Like the overall US market, Nvidia’s stock has climbed so much that critics warn expectations have become too high and that the stock price makes sense only if everything goes correctly for it from here. Across a survey of global fund managers, strategists at Bank of America found many ploughing into US stocks and pulling out of their cash reserves to do so. The survey found fund managers are holding a notably small percentage of their overall portfolios in cash, similar to 2002 and 2011, which preceded tougher times for riskier investments.The survey’s broadest measure of optimism, based on expectations for economic growth and other indicators, is at its highest since August 2021, strategist Michael Hartnett said in a BofA Global Research report. The S&P 500 is on track for one of its best years since the millennium because the US economy has remained remarkably resilient, hopes are high that President-elect Donald Trump’s policies will boost growth but not inflation too badly and the Federal Reserve has begun to make things easier by cutting interest rates from a two-decade hig

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US Stocks Slide from Record Highs, Global Funds Pile InUS stock indexes are experiencing a pullback, giving up some of their impressive gains for the year. The S&P 500 and Nasdaq composite dipped, while the Dow Jones Industrial Average saw a more significant decline. Despite the correction, the S&P 500 remains close to its all-time high. Meanwhile, global fund managers are showing increased confidence in the US market, pouring money into stocks and reducing cash reserves to a level not seen since 2002 and 2011.
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