US stocks rally, poised to snap nearly two months of weekly losses

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Shares were broadly higher in New York, ahead of the Memorial Day holiday weekend, with investors assuaged by the latest data.

All three major US benchmarks were higher in late trading, poised to snap seven-consecutive weekly declines, amid a broad rally.In New York: BHP +3.7% Rio +1.3% Atlassian +5.2%The yield on the US 10-year note slipped 1 basis point to 2.74 per cent near 2pm in New York. The US bond market closed early ahead of the three-day Memorial Day weekend.On Wall Street, all 11 of the SP 500’s industry sectors were higher with a 3.1 per cent rise in information tech pacing the advance.

“Given persistent upside risks to inflation and Fed officials’ aggressive policy stance, we now expect a total of 250bps of rate tightening this year,” she also said. “We think the Fed is poised to raise the fed funds rate by 50bps at each of the June and July meetings before scaling back the pace of tightening to 25bps rate increases at the remaining meetings of the year.”AUD +0.8% to 71.53 US centsP 500 +1.9% Nasdaq +3%Tesla +6.7% Apple +3.5% Amazon +2.7% Alphabet +3.8%Brent crude +1.

Personal income rose 0.4 per cent, with wages accounting for the bulk of the increase. The saving rate dropped to 4.4 per cent, the lowest since September 2008, from 5.0 per cent in March. That suggests households have been tapping into the more than $2 trillion in excess savings accumulated during the COVID-19 pandemic.Although inflation continued to increase in April, it was not at the same magnitude as in recent months. The personal consumption expenditures price index rose 0.

It was the second straight month that the rate of increase in the annual core PCE price index decelerated.The University of Michigan’s final May sentiment index decreased to 58.4 from a preliminary reading of 59.1, data released Friday showed. In April, the gauge stood at 65.2. The pan-European STOXX 600 index rose for a third straight session, closing up 1.5 per cent, taking weekly gains to 3 per cent. Germany’s DAX ended at an over one-month high, up 1.6 per cent.

 

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