ASX set to slip, Wall Street extends winning streak

Wall Street pushed further into the record books, as the major stock indexes extended the market’s recent winning streak and closed out a solid month of gains.

The S&P 500 rose 0.2 per cent, notching its seventh consecutive gain and ninth straight winning week — the longest such streak since 2023. The benchmark index set an all-time high for the fourth day in a row. The Dow Jones gained 0.7 per cent and the Nasdaq composite added 0.2 per cent. The Dow and Nasdaq also reached new heights after posting record highs earlier in the week.

The Australian sharemarket is set to slip, with futures on Saturday pointing to a los of 13 points, or 0.2 per cent, at the open. The Australian dollar was trading at US71.71¢ at 5.18am AEST.

Big technology stocks have been behind much of Wall Street’s record-breaking streak. Their pricey stock values give them more influence in directing the market higher or lower. In May alone, technology stocks within the S&P 500 rose more than 15 per cent, while most of the sectors in the benchmark index actually lost ground.

“The rally has been largely tech-led and supported by resilient earnings, but the key question is whether it can be sustained,” wrote Angelo Kourkafas, senior global strategist at Edward Jones, in a research note.

Tech stocks also powered the market higher Friday. Microsoft rose 5.4 per cent and Broadcom gained 4.7 per cent.

Dell Technologies surged 32.8 per cent to lead all stocks in the S&P 500 after delivering profits that blew past expectations. The company also raised its outlook, citing powerful demand for AI computing.

Most other sectors in the S&P 500 lost ground Friday. Among the decliners: Paramount Skydance fell 1.9 per cent, Amazon.com dropped 1.2 per cent, and Costco Wholesale closed 3.9 per cent lower.

Wall Street has been gaining ground despite worries that the U.S. war with Iran is worsening inflation and jeopardizing economic growth.

The U.S. and Iran are reportedly working toward a deal to extend a ceasefire. That eased pressure on oil prices. The price for August delivery of Brent crude, the international standard, fell 1.7 per cent to settle at $91.12 per barrel. It is still well above the $70 per barrel level in late February before the war began. The price for a barrel of benchmark U.S. crude oil for July delivery fell 1.7 per cent to settle at $87.36.

Treasury yields held relatively steady as oil prices fell. The yield on the 10-year Treasury slipped to 4.44 per cent from 4.45 per cent late Thursday.

Still, high oil prices remain a key concern for Wall Street. The war has stifled th