Wall Street stocks ended higher overnight, with Apple rising and Nvidia dipping as investors assessed consumer sentiment data and bet on a more flexible trade policy stance from the Trump administration next week.
Jim Chalmers claims the federal budget is in a better position than when Labor came to power three years ago, but there are economic storm clouds ahead.
Stocks closed broadly higher overnight amid hopes on Wall Street that the Trump administration may take a more targeted approach as it tees up a new round of tariffs on imported goods next week.
The S&P and Dow eked out slight gains, erasing earlier losses after comments from US president Donald Trump provided hope that previously announced tariffs expected to begin in early April may not be as burdensome as feared.
US stocks closed slightly lower overnight after veering between gains and losses as investors gauged the latest round of economic data and the Federal Reserve's policy statement against tariff concerns.
US stocks rebounded on Friday as investors hunted for bargains at the end of a tumultuous week in which US president Donald Trump's escalating trade war fuelled recession fears and doused risk appetite.
Australian shares have have plunged into correction territory, as Donald Trump's tariffs pour fuel on the embers of an increasingly likely global economic slowdown.
