Australian stocks set to edge higher after Wall St gains

The news: The Australian sharemarket is set to start slightly higher after the major US indices recorded gains overnight led by a rally in Tesla shares and gains in tech stocks.

The numbers: The Dow Jones index rose 0.25%, the broader S&P 500 climbed 0.67%, while the tech-heavy Nasdaq jumped 1.14% thanks in part to a 10% lift in Tesla shares. In the local market, ASX 200 futures were trading up 7 points or 0.1% at 7199 points at 0700 AEST on Tuesday.

The context: The gains on the US markets were stock specific, as Tesla and Meta shares surged on optimism around artificial intelligence and other technology stocks also recorded gains. Meanwhile, investors are looking to August consumer price index data due on Wednesday for clues about how close the US Federal Reserve may be to ending its campaign of interest rate hikes. In the local market, all eyes are on jobs data for August due Thursday.