US Stock Market Hits New Highs Amid Strong Earnings Reports
ASX set to slip, Wall Street sets more records
The Sydney Morning HeraldImage: The Sydney Morning Herald
The US stock market reached new records, with the S&P 500 climbing to an all-time high, driven by strong earnings from major companies like Apple and Estee Lauder. Meanwhile, the Australian sharemarket is expected to open lower ahead of the Reserve Bank's interest rate decision.
- 01The S&P 500 reached an all-time high, marking its longest winning streak since 2024.
- 02Apple's stock rose 3.3% after reporting better-than-expected profits.
- 0384% of S&P 500 companies have surpassed earnings estimates for Q1 2026.
- 04Oil prices have fluctuated due to concerns over the ongoing war in Iran.
- 05The Australian sharemarket is projected to fall by 0.3% at the open.
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The US stock market set new records as the S&P 500 index climbed 0.3% to close at 7,230.12, marking its longest winning streak since 2024. Major contributors to this surge included Apple, which saw a 3.3% increase in stock price after reporting stronger-than-expected profits. Estee Lauder also performed well, with a 3.4% rise in its stock following better earnings driven by demand in China. Overall, 84% of S&P 500 companies have exceeded analysts' earnings estimates for the first quarter of 2026, indicating robust corporate performance despite challenges like the ongoing war in Iran, which has affected oil prices. The Australian sharemarket is anticipated to open lower, with futures indicating a 0.3% decline. Investors are closely watching the Reserve Bank's interest rate decision scheduled for Tuesday.
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The rise in the US stock market could lead to increased investor confidence, potentially influencing global markets including Australia. A decline in the Australian sharemarket may affect local investors and businesses.
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