Australian stocks set to fall after losses on Wall Street

The news: The Australian sharemarket is set to start lower after major US indices finished weaker on Friday following hotter than expected US producer prices data.

The numbers: The Dow ended up 0.3%, however the broader S&P 500 index was down 0.11% and the tech-heavy Nasdaq lost 0.56% after data showed the annual growth rate for the US producer price index (PPI) rose to 0.8% in July, from a 0.2% rise in the previous month. On Monday, ASX 200 futures were trading 30 points or 0.41% higher at 7251 at 0700 AEST.

The context: Following the increase in the PPI, yields climbed on the two-year US Treasury note, which moves in line with near-term interest rate expectations.This move weighed on big tech stocks, as high interest rates could dent their ability to achieve growth projections and slow the economy. In the Australian market, traders will be eyeing earnings for JB Hi-fi, Beach Energy, Carsales as well as Bendigo and Adelaide Bank.