S&P 500 rises 0.4 percent as oil prices fall 3.5 percent
U.S. stocks advanced with the S&P 500 gaining 0.4 percent and the Dow Jones rising 812 points while oil prices dropped and several technology shares declined. Australian futures pointed to a 0.4 percent gain at the open after the ASX fell 1.1 percent the previous day.
The Sydney Morning HeraldU.S. stocks rose Thursday with the S&P 500 adding 0.4 percent after falling from its all-time high the prior session. The Dow Jones climbed 812 points, or 1.6 percent, while the Nasdaq composite edged 0.1 percent higher. Oil prices eased 3.5 percent to $94.43 per barrel for Brent crude, reversing part of the week’s gains tied to tensions between Iran and the United States and its allies.
Market participants on Wall Street anticipated that the United States and Iran would reopen the Strait of Hormuz to oil tankers, which could increase crude supply and ease inflation pressure.
Australian market outlook Australian share futures at 4:53 a.m.
AEST signaled a 32-point, or 0.4 percent, rise at the open. The ASX had declined 1.1 percent on Thursday.
Company earnings and sector moves Elanco Animal Health gained 1.5 percent and Zoetis rose 2.5 percent after the U.S. Department of Agriculture confirmed the New World screwworm fly had reached south Texas. Toro added 1.6 percent after reporting stronger-than-expected quarterly profit and revenue and raising its full-year forecasts.
Broadcom fell 11.8 percent despite posting quarterly profit and revenue above analyst estimates and recording $10.8 billion in AI semiconductor revenue. Micron Technology dropped 5.3 percent and CrowdStrike Holdings declined 4.8 percent even though both companies exceeded profit and revenue forecasts.
PVH, owner of the Calvin Klein and Tommy Hilfiger brands, tumbled 23.7 percent after its chief executive cited pressure on customers in the Middle East from ongoing conflict.
