Thursday, June 13, 2024

Live: Apple surges to new record after launching AI plans, Wall Street hits back-to-back highs

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Good morning! It’s Wednesday June 12 and you’ve found yourself on the ABC’s business and markets blog — it’s great to have your company.

Trading has wrapped up on Wall Street, and both the S&P 500 and Nasdaq ended at record highs for a second-straight day.

That was helped largely by a 7.3% surge in Apple shares off the back of the company announcing its long-awaited foray into artificial intelligence (AI) at its annual developer event.

In fact, Apple closed at a record high of $US207.15.

But it wasn’t just Apple that sent Wall Street higher — investors are waiting for the US’s latest Consumer Price Index report, before the US Federal Reserve announces its latest rates decision.

(For what it’s worth, the Fed is expected to leave rates unchanged again.)

Both of those key events are happening overnight, so sit tight! We’ll have you covered first thing tomorrow.

That positivity on Wall Street however isn’t going to translate to the Australian share market, if futures are anything to go by.

Local futures are down 0.5% to 7,727 points as of 7:35am AEST.

There’s plenty more to unpack from overseas before we focus on our local market — and long-time readers know the drill. Grab a coffee, settle in, and let’s get through this frosty Wednesday morning together.

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