ASX set to rise as Wall Street advances
The S&P 500 was 0.6 per cent higher in afternoon trading and above its all-time high set on Thursday. The Dow Jones was up 217 points, or 0.5 per cent, in mid-afternoon trade, and the Nasdaq composite was adding 0.7 per cent to its own record. The Australian sharemarket is set to rise, with futures at 4.51am AEST pointing to a gain of 24 points, or 0.3 per cent, at the open. The ASX lost 1 per cent on Monday.
The Australian dollar is stronger. It was 0.3 per cent higher at 65.27 US cents at 5.07am.
On Wall Street, Verizon Communications helped lead the way and rose 4.8 per cent. The telecom reported a stronger profit for the latest quarter than analysts expected, along with higher revenue than forecast. Following the strong performance, Verizon raised its forecasts for profit and other financial measures for the full year.
That helped offset a 4.2 per cent drop for Sarepta Therapeutics, which continued to fall after the Food and Drug Administration said Friday it asked the company to voluntarily stop all shipments of its gene therapy for Duchenne muscular dystrophy due to safety concerns.
Block, Jack Dorsey's company behind Square, Cash App and other tech brands, jumped 8 per cent in its first trading after learning it will join the widely followed and imitated S&P 500 index. It will take the place of Hess, which Chevron bought, before trading begins on Wednesday.
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Cleveland-Cliffs rallied 13.6 per cent after the steel producer reported a smaller loss for the spring than analysts expected. It shipped a record 4.3 million net tonnes of steel during the quarter, and CEO Lourenco Goncalves said the company has begun to see 'the positive impact that tariffs have on domestic manufacturing' and other things.
It's a major supplier to the auto industry, and Trump's tariffs steer companies hoping to sell cars in the United States toward steel made in the country.
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