Australian shares are set to slip at the open, reflecting a pause in the S&P 500’s rally after a US Federal Reserve official said incremental increases in interest rates would help keep inflation in check.
ASX 200 futures were down 9 points or 0.1 per cent to 9143, reversing an earlier modest gain, with AMP, ResMed and Block set to report on Thursday morning.
The S&P 500 slipped 0.2 per cent in New York as communication services fell, with a 4 per cent drop in Google parent Alphabet after the company announced a raft of artificial intelligence leadership changes.
The weight of the evidence continues to support giving the bull market in stocks the benefit of the doubt, even as investors experience more bumps along the way, Keith Lerner at Truist Advisory Services told Bloomberg. “Earnings remain our north star, the economy continues to show resilience, market participation has broadened, and valuation excesses have largely been worked off.”
The Nasdaq Composite ended 0.8 per cent lower. SpaceX tumbled 13.6 per cent.
Source: https://www.afr.com/markets/equity-markets/asx-set-for-muted-open-as-s-and-p-500-rally-stalls-20260806-p60ltr