Australian shares are set to drop at the open. US equities wavered near all-time highs. The US dollar rallied after the US and EU agreed to a trade deal and on hopes that the US and China are progressing towards their own deal.
The S&P 500 ended little changed at 6389.77 after briefly resetting its record high in early trade at 6401.07. Optimism is high on Wall Street as second-quarter earnings, for the most part, are exceeding expectations.
“The broader market batted five for five last week, notching a new closing high every trading day,” said Adam Turnquist, chief technical strategist for LPL Financial. “Buying pressure was widespread as advancing shares on the index outpaced decliners by around three to one.”
Source: https://www.afr.com/markets/equity-markets/asx-to-drop-s-and-p-500-wavers-near-all-time-high-20250729-p5mii8