Aussie stocks set for weak session after Wall St ends lower

The news: The Australian sharemarket is likely to start lower as lingering concerns about interest rates kept the major US indices on the backfoot.

The numbers: On Wall Street, the Dow ended 0.51% lower, while the broader S&P 500 finished down 0.28%. The tech-heavy Nasdaq edged up just 0.06%. In the local market, ASX 200 futures were trading 17 points or 0.24% lower at 7059 points at 0700 AEST on Wednesday.

The context: Banking shares were the main drag on the US market after ratings agency Standards & Poor cut ratings on five regional US banks, adding to pressure on the sector at a time when investors expect interest rates to stay higher for longer. Nvidia shares eased from an all-time high, weighing on the Nasdaq, as analysts cautioned about expectations ahead of the software giant's earnings later this week. In the local market, investors will be watching for a slew of earnings from Woolworths, Santos, Wisetech, Domino’s Pizza and APA Group among others.