1 October we become SureStone CapitalSame team, same ABN. Our website and email addresses move to surestone.com.au.
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The local market is set for a strong opening, with ASX futures up 0.4%, as a bullish sentiment on Wall Street pushed all major indices higher as investors position for an interest rate cut from the US Federal Reserve.
The S&P 500 and Nasdaq closed at records for the second straight session. The small cap Russell 2000 index hit a six-month high. Among the Mag 7 stocks Nvidia, Alphabet and Microsoft fell as investors searched for new growth drivers. However, Apple rose on reports the company is working on expanding into AI-powered robots, home security and smart displays.
The likelihood of a US rate cut in September is now seen as a near certainty following the moderate US inflation data with traders pricing in a 99.9% chance of a 25 basis point cut, according to CME's FedWatch tool.
The US dollar slipped for a second straight session whilst the Australian dollar has risen to US65.5c.
