ASX to slip early, Wall Street mixed after inflation report
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The news: A downbeat start to trading is likely for the Australian sharemarket, as Wall Street investors had little excitement about cooling US inflation data.
The numbers: Before trading closed, the Dow Jones Industrial Average was better by 359 points, or 1%, to 35,790 points. The broader S&P 500 index was basically unchanged at 4,547 points. The technology focused Nasdaq was down 104 points, or 0.73%, to 14,153 points.
In Australia, ASX 200 futures was down 9 points to 7085. The Aussie dollar was lower and buying 66.02 US cents.
The context: The US Commerce Department's closely watched inflation report showed prices cooling as expected, along with consumer spending. The data seemed to confirm expectations that the central bank has completed its rate hiking cycle.
The Dow Jones was the outperforming US index thanks to the rising share price of customer relationship management vendor Salesforce. The company published a consensus-beating earnings report.
The source: Reuters
