Wall Street up again amid trade deal optimism and rallying chipmaker stocks. Despite recent tensions, Trump and Xi Jinping are expected to talk this week. S&P 500 up 0.58%, NASDAQ up 0.81%. Dow fell at open but rose steadily throughout the day. Ended near high, up 214 points. Mainly positive sector performance. REITS and Staples showed a little weakness, all other sectors were up. Energy once again the best performer, as global refining margins hit a 14-month high in May. Materials and Industrials also did well.
Tech had another positive session as chipmakers rallied. Nvidia up 2.8%, Broadcom rose 3.3%. Benefited from news stories focusing on coding startups use of AI and their high valuations, adding further fuel to the AI hype train. Alphabet only one of Mag7 materially down, shedding 1.7% as anti-trust cases weighed on it.
US job openings increased in April and layoffs posted biggest rise in nine months. Indicative of a weakening labour market. Yields fell on news, boosting Financials and Utilities. Resources were mixed. Dollar strengthening hurt some. Oil rose on continued tensions between Ukraine and Russia, the US and Iran. Conflicts which suggest supply may remain tight. Some base metals like Copper and Zinc recorded modest gains while Tin was up nearly 3%.
ASX to rise. SPI futures up 24 points (+0.28%).
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