Manage episode 375504383 series 2991632
US markets kicked off the final week of August in the green ahead of key economic data, ending just off best levels. The Dow rose 213 points (+0.62%). Dow at best up 306 points. S&P 500 up 0.63%, and the NASDAQ rose 0.84% despite Powell’s comments over the weekend the central bank may need to raise interest rates further to ensure inflation is contained. Focus now shifting to the personal consumption expenditure price index (Fed’s preferred inflation gauge) released Thursday and non-farm payrolls data out Friday. US-listed Chinese companies JD.com, Baidu, and Alibaba rallied over 2% after China halved the stamp duty on stock trading. Goldman Sachs rose 1.8% after a deal was struck to sell an investment advisory business to wealth management firm Creative Planning. 2Y US treasury yields retreated from a near two-year high as the market struggled to gauge the likelihood of additional rate hikes from the Fed.
- ASX to open higher. SPI Futures up 25 points (+0.35%).