Australian shares set to open lower after mixed Wall Street result

The news: The Australian sharemarket is poised to open lower, taking cues from Wall Street where two of the three main stock indices closed in negative territory.

The numbers: The Dow Jones index ended 0.44% higher, stretching its winning streak to six straight sessions, but the broader S&P 500 edged marginally lower and the tech-heavy Nasdaq lost 0.18%. In the local market, ASX 200 futures were down 19 points or 0.24% at 7,806 points at 7:00am AEST on Thursday.

The context: US stocks cooled as investors awaited more economic data for direction while US Treasury yields rose on the day of a 10-year notes auction. The US Producer Price Index is due on 14 May and the Consumer Price Index on 15 May.

A drop in Uber and Tesla shares dragged on the market even as rising bond yields helped dampen optimism. Traders are pricing in a 67% chance of the Fed cutting rates by at least 25 basis points in September, up from about 54% a week ago.