Australian stocks seen muted despite gains on Wall Street

The news: The Australian sharemarket is set to open flat despite overnight gains on the major US indices on the back of a rally in technology stocks.

The numbers: The Dow edged 0.07%higher, while the broader S&P 500 and the tech-heavy Nasdaq notched gains of 0.58% and 1.05% respectively after chipmaker Nvidia surged 24% on a stellar revenue forecast. ASX 200 futures were trading unchanged at 7219 at 0700 AEST.

The context: The Nvidia gains fuelled a rally in other tech stalwarts including Alphabet, Amazon and Micron, but local investors are likely to be more concerned about signs of a weaker Chinese economy, with its industrial production data due later today. Australia’s own June quarter wage price index is also due, as are key earnings including Challenger, Cochlear and Treasury Wines.