Australian shares are set to open higher, tracking gains in the Dow, but investors will be wary of Elon Musk and Donald Trump’s renewed feud over the US president’s signature tax bill.
Tesla shares slumped 5.3 per cent, dragging on both the S&P 500 and Nasdaq Composite, after Trump threatened to withdraw subsidies from Musk’s companies and review the billionaire’s immigration status.
In Portugal, US Federal Reserve chairman Jerome Powell reiterated that the Fed probably would have cut interest rates if not for the uncertainty from Trump’s tariff policy.
Source: https://www.afr.com/markets/equity-markets/asx-to-rise-dow-extends-rally-tesla-slide-stalls-s-and-p-500-20250702-p5mbsv