News

US stocks retreated late in the session, with the Tech Nasdaq index shedding more than a 1% gain, as yields on longer-maturity US Treasury bonds ticked up, nipping investor enthusiasm for tech-stocks that are high growth but wary of rising inflation.

The focus overnight was the much anticipated US Federal Reserve announcement given the recent move in interest rates. Chairman Powell continued to project near-zero interest rates at least through 2023, suggesting consistency with the Fed’s view that it w

The Nasdaq technology index pulled back sharply, falling 3% by the close of trade. 

Highlights this week include 4th quarter economic growth (GDP) being released in the US.

Tesla jumped +6.6% after a prominent fund manager predicted the stock price could reach $3,000 in 3 years, while the rest of the major tech players were up over +2% for the day.

US stocks climbed and Treasuries rotated higher on Friday after a bumper US payrolls report.

Australia’s growth forecasts have been revised higher as optimism over economic rebound heightens  with Westpac Chief economist expecting GDP growth of 4.5% this year, instead of 4%. 

The  heavyweight technology sector jumped strongly (Nasdaq +3.7%) post a tough few weeks. 

US 10-year Treasury bonds have been a key driver of news lately, and the sell-off eased on the inflation news pushing yields down to a session low of 1.50%, compared to 1.61% earlier this week.