Australian shares set to rise after mixed Wall Street session
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The news: The Australian sharemarket is set to open higher after a mixed session on Wall Street after robust US economic data failed to impress investors disappointed with Nvidia forecasts.
The numbers: The Dow Jones index ended 0.59% higher to notch a record close, while the broader S&P 500 ended flat and the tech-heavy Nasdaq declined 0.23%. In the local market, ASX 200 futures were up 51 points or 0.64% to 8,060 points at 7am AEST on Friday.
The context: US stocks rose early but pared gains as the session progressed. Data showed the US GDP grew at a faster than estimated 3% in the second quarter, on the back of strong consumer spending, supporting expectations the world’s biggest economy is likely to avoid a recession.
However, Nvidia's quarterly revenue forecast in the previous session disappointed investors accustomed to the chipmaker beating expectations by massive margins in recent quarters. Nvidia's stock fell over 6%, weighing on other technology stocks.
The July personal consumption expenditures report, due later on Friday, could offer hints on the central bank's monetary policy easing trajectory.
In the local market, traders will be focused on July retail sales data and earnings reports from Ramsay Healthcare, Star Entertainment and TPG among others.
The source: Reuters
