Updated August 13, 2026 — 8:11am,first published 5:15am
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Wall Street edged near its record after several AI stocks reported better growth than analysts expected, while a report showed inflation across the United States was slightly less bad last month.
The S&P 500 added 0.3 per cent and marked its first gain since setting its all-time high on Friday. The Dow Jones Industrial Average slipped less than 0.1 per cent, and the Nasdaq composite climbed 0.5 per cent. Stocks like Nvidia and Super Micro Computer helped lead the way on signals that businesses continue to spend big dollars on AI infrastructure. Treasury yields eased following the latest inflation data.
The Australian sharemarket is set to fall, with futures at 5.54am AEST pointing to a fall of 19 points or 0.2 per cent, at the open. The ASX lost 0.5 per cent on Wednesday. The Australian dollar was trading at US70.62¢.
ANZ Bank says home loan applications have fallen 12 per cent since the May budget, excluding applications it received via a government deposit guarantee scheme, as it also reported $1.9 billion in cash profits for the latest quarter.
In a trading update for the June quarter, ANZ said its cash profits rose 1 per cent compared with the quarterly average for the March half.
On Wall Street, stocks in the artificial-intelligence technology business helped lead the way after strong profit reports bolstered hopes they can continue to deliver big-enough growth to justify the huge gains their prices have made.
Super Micro Computer, which sells servers and other equipment, jumped 19.6 per cent after reporting earnings per share for the latest quarter that were 84 per cent higher than analysts expected. It also gave forecasts for upcoming profit and revenue that topped analysts’ expectations.
CoreWeave, which offers AI computing power to customers over the cloud, leaped 19 per cent after reporting better revenue for the latest quarter than analysts expected, along with a milder loss. CEO Michael Intrator said demand is accelerating from customers as big businesses adopt AI.
CoreWeave gives its customers access to AI chips from Nvidia, and Nvidia climbed 3 per cent. It was the single strongest force lifting the S&P 500.
It’s a return to strength for AI stocks, which have been veering on a roller-coaster ride. After surging to records, AI stocks came under pressure on worries that they shot too high. Investors wanted to see big spenders on AI prove that their investments are yielding enough in profits and productivity to make them worth it. That in turn could lead to continued demand for chips and other AI infrastructure.
Wall Street also got some support from easing yields in the bond market. Treasury yields fell after a report showed that US consumers paid prices for gasoline, groceries and other costs of living last month that were 3.4 per cent higher than a year earlier.
That’s higher than anyone would like, but it’s not as bad as June’s 3.5 per cent inflation rate.
The deceleration could give the Federal Reserve more leeway to hold off on hikes to interest rates. Higher rates would help keep a lid on inflation, but it would do so by making it more expensive for US households and companies to borrow and forcing a slowdown in the economy. Higher interest rates also would undercut prices for stocks and other investments.
