Australian shares set to rise after Wall Street ends higher
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The news: The Australian sharemarket is set to open higher after Wall Street rebounded overnight as investors weighed the Federal Reserve's more dovish-than-expected interest rate guidance the previous day.
The numbers: The Dow Jones index ended 0.85% higher, while the broader S&P 500 gained 0.91% and the tech-heavy Nasdaq added 1.51%. In the local market, ASX 200 futures were up 35 points or 0.46% at 7636 points at 7:00am AEST on Friday.
The context: US shares rallied, led by chip stocks, after Qualcomm reported better than expected quarterly sales and profit.
After the market closed, Apple reported a smaller-than-expected decline in quarterly revenue.
Markets continued to parse Fed chair Jerome Powell's assurances that the US central bank's next policy move will be to lower its key policy rate, a day after it left rates unchanged.
However, recent strong inflation readings have suggested that the first of these rate cuts could be a long time in coming. Investors are now focused on Friday's closely watched April employment report.
The source: Reuters
