Australian stocks seen flat after mixed Wall Street session

The news: The Australian sharemarket is set for a quiet start after major US indices ended mixed, with Apple shares the biggest drag over concerns about curbs in China.

The numbers: The Dow Jones index ended 0.17% higher, but the broader S&P 500 lost 0.32%, thanks to heavyweight Apple’s shares tumbling 2.9%. The tech-heavy Nasdaq also dropped 0.89%. In the local market, ASX 200 futures were trading just 7 points or 0.1% higher at 7168 points at 0700 AEST on Friday.

The context: Apple shares were the biggest drag on the US markets on news that China had widened curbs on iPhone use by state employees. Meanwhile, a fall in weekly US jobless claims raised concerns about sticky inflation that could prompt the Federal Reserve to continue with tight monetary policy, pressuring stocks. While investors expect a pause in rate hikes at the central bank’s September meeting, bets are almost evenly split over a pause in November.