Technology Leads The Way In Shares, Brings New Highs To Wall Street
After Apple issued a warning of a decline in sales amid supply disruption from China earlier this week that hit global tech stocks – the iPhone maker has bounced back this session.
Apple shares jumped 1.3 per cent and recouped most of the previous days’ losses, while chipmaker Nvidia also rose in shares up 5.6 per cent following a broker upgrade.
Fitness device maker Garmin also saw an increase in shares, up 6.7 per cent, after the company’s revenue forecasts excelled analysts’ estimates.
US markets were further bolstered by energy stocks during a rise in crude oil prices.
The minutes of the Federal Reserve’s latest meeting has been released, restating that the US central bank intends to keep interest rates steady throughout this year despite new risks posed by the coronavirus outbreak.
‘Participants generally saw the distribution of risks to the outlook for economic activity as somewhat more favourable than at the previous meeting,’ the January meeting minutes stated.
China’s central bank is also expected to slash its benchmark lending rate during its meeting today – adding measures to help assist with the economic consequences of the virus outbreak.
Another big economic announcement today is the Bureau of Statistics’ labour market report for January, where economists are forecasting the unemployment rate to rise back up to 5.2 per cent with 10,000 jobs added in the month.
Market snapshot as of 7.35am:
- AUD: 66.74 US cents, 51.64 British pence, 61.78 Euro cents, 74.31 Japanese yen, $1.046 NZ.
- US: Dow Jones rise 0.5 per cent at 29,377, S&P 500 up 0.6 per cent at 3,389, Nasdaq up 1 per cent at 9,827