USA500 futures renewed all-time highs above 3,500 on Tuesday, after scoring a high on Aug 31 at 3,526.
Wall Street’s main indexes started the day little changed on Tuesday but gained traction on the release of upbeat macroeconomic data from the US which provided a boost to market sentiment. At the time of writing, the USA500 was at a new all-time high of 3,526 up 0.57%, as the bullish sentiment continues to extend the upwards rally. Meanwhile the USA100 composite of tech stocks also set a new record at 12,287 and the bias is still showing to the upside at the time of writing.
Earlier, retail giant Walmart Inc (NYSE: WMT) announced that it would launch a new membership program entitled ‘Walmart Plus’ that brings together in-store and online benefits. The new membership program will reportedly cost $98 a year or $12.95 a month, and will provide customers with unlimited free shipping, fuel discounts and touch-free payment experience. Driven by these developments, WMT rose to a record high of $149 on Tuesday and was last seen rising 7.25% at $148.94.
In the data report the US Department of Commerce reported July construction spending + 0.1% from -0.5% previously, outside the forecast 1.0%. The Institute for Supply Management posted the August ISM Manufacturing Price Paid index at 59.5. The final reading of the August ISM Manufacturing PMI came at 56.0.
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Ady Phangestu
Market Analyst – hfindonesia
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