Latest news with #US65.60
Sydney Morning Herald
a day ago
- Business
- Sydney Morning Herald
Sharemarket steady but rally sparks sell signal worry
The Australian sharemarket is likely to remain elevated after US stocks hit fresh heights last week, with both futures indicators and the dollar remaining steady. But the S&P 500's record rally has brought it within striking distance of a sell signal, Bank of America's Michael Hartnett said. The Australian dollar was fetching US65.60¢ at 5.45am AEDT and futures were pointing to the Australian market opening at around 8583 points, a few points below its Friday close. The ASX finished above 8600 for the first time ever on Friday after a stronger-than-expected US jobs report reaffirmed the strength of the world's largest economy. Those gains followed another record-setting day on Wall Street, where the S&P 500 and the Nasdaq Composite hit new records after the June non-farm payrolls report showed US employment rising more than expected. Loading US stocks have soared back to all-time highs on signs that the US economy is staying resilient as US President Donald Trump softened his approach on tariffs. That's ignited some speculative fever in the market, with technology heavyweights back in vogue and the buzz around artificial intelligence returning. Hartnett recommended investors start offloading shares once the benchmark rises above 6300 points – just 0.3 per cent above its Thursday close. He also reiterated that bubble risks were rising into the summer, with the House passing a $US3.4 trillion ($5.2 trillion) fiscal package that cuts taxes. 'Overbought markets can stay overbought as greed is harder to conquer than fear,' Hartnett wrote in a note.
The Age
a day ago
- Business
- The Age
Sharemarket steady but rally sparks sell signal worry
The Australian sharemarket is likely to remain elevated after US stocks hit fresh heights last week, with both futures indicators and the dollar remaining steady. But the S&P 500's record rally has brought it within striking distance of a sell signal, Bank of America's Michael Hartnett said. The Australian dollar was fetching US65.60¢ at 5.45am AEDT and futures were pointing to the Australian market opening at around 8583 points, a few points below its Friday close. The ASX finished above 8600 for the first time ever on Friday after a stronger-than-expected US jobs report reaffirmed the strength of the world's largest economy. Those gains followed another record-setting day on Wall Street, where the S&P 500 and the Nasdaq Composite hit new records after the June non-farm payrolls report showed US employment rising more than expected. Loading US stocks have soared back to all-time highs on signs that the US economy is staying resilient as US President Donald Trump softened his approach on tariffs. That's ignited some speculative fever in the market, with technology heavyweights back in vogue and the buzz around artificial intelligence returning. Hartnett recommended investors start offloading shares once the benchmark rises above 6300 points – just 0.3 per cent above its Thursday close. He also reiterated that bubble risks were rising into the summer, with the House passing a $US3.4 trillion ($5.2 trillion) fiscal package that cuts taxes. 'Overbought markets can stay overbought as greed is harder to conquer than fear,' Hartnett wrote in a note.
