Australian shares are set to snap a six-day winning streak after buying momentum faded on Wall Street as investors await the next catalyst for equity markets.
ASX futures were pointing down 26 points, or 0.4 per cent, to 8271, tracking a lacklustre session for US shares. The S&P 500 rose just 0.1 per cent after recouping its year-to-date losses and bitcoin and oil retreated after this week’s strong gains.
US technology stocks were an exception, with Nvidia and Tesla both jumping more than 4 per cent. Nvidia has soared almost 25 per cent in five days, bolstered by news US President Donald Trump will allow chipmakers to boost sales to Saudi Arabia.
Source: https://www.afr.com/markets/equity-markets/asx-to-fall-wall-st-wavers-after-rally-20250515-p5lzan