Australian stocks likely to start higher after gains on Nasdaq

The news: The Australian sharemarket is likely to start on a positive note after overnight gains in US technology stocks helped the Nasdaq close higher.

The numbers: On Wall Street, the Dow ended 0.11% lower. However, the broader S&P 500 gained 0.69% while the tech-heavy Nasdaq rose 1.56%. In the local market, ASX 200 futures were trading 17 points or 0.24% higher at 7079 points at 0700 AEST on Tuesday.

The context: The gains on the S&P500 and Nasdaq come ahead of software giant Nvidia’s earnings later this week, with analysts expecting a strong forecast. However, concerns about the economy continue to linger, with the yield on 10-year US Treasury notes hitting their highest levels since 2007, underlining investors’ expectations of higher rates for longer. Local investors will be busy with earnings from BHP, Woodside, Coles, Alumina and Scentre Group among others.