Australian shares set to start lower after Wall Street drop
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The news: The Australian sharemarket is set to start lower, tracking losses on Wall Street where jittery investors booked profits a day ahead of heavyweight Nvidia’s results.
The numbers: The Dow Jones index is trading 0.13% lower, while the broader S&P 500 dropped 0.65% and the tech-heavy Nasdaq lost 1.24%. In the local market, ASX 200 futures were trading 22 points or 0.29% lower at 7583 points at 7:00am AEDT on Wednesday.
The context: The tech-heavy Nasdaq led losses on Wall Street as chipmaker Nvidia fell sharply ahead of its highly anticipated earnings report, while retail industry bellwether Walmart's upbeat forecast limited losses on the Dow. Traders are worried if Nvidia's quarterly results will justify its lofty valuation and add to the frenzy around AI or hurt AI optimism.
Investors are also awaiting the release of minutes from the Fed's latest policy meeting as well as remarks from a slew of central bank officials later this week.
In the local market, the focus remains firmly on corporate results, with NAB, Rio Tinto, Domino’s Pizza and Woolworths among the companies reporting on Wednesday.
The source: Reuters
