Australian shares are poised to open lower after Wall Street faltered, with Tesla falling more than 8 per cent as Elon Musk forecast a tough outlook.
“The slow-motion melt-up continues,” said Wall Street veteran Ed Yardeni as both the S&P 500 and Nasdaq Composite reset their respective intraday highs yet again. The S&P 500 was set to end the day up 0.1 per cent, and the Nasdaq up 0.2 per cent.
Yardeni said momentum, or growth, stocks have led the US benchmark index higher since 2023, and there is little sign that this is near an end.
Nvidia and Amazon paced the “magnificent seven” stocks higher. Alphabet closed up though off its day’s peak after reporting results that showed massive investments in artificial technology are starting to pay off.
Source: https://www.afr.com/markets/equity-markets/asx-to-fall-s-and-p-500-resets-record-in-slow-motion-melt-up-20250725-p5mho5