Australian stocks set to slip after Wall Street jitters

The news: Australian stocks are likely to slip lower on Friday after sentiment on Wall Street turned weaker amid concerns about the outlook for interest rates.

The numbers: The Dow fell 0.84%, while the broader S&P 500 lost 0.77%. The tech-heavy Nasdaq gave up 1.07%, marking its deepest three-day drop since February. ASX 200 futures were trading 28 points or 0.39% lower at 7067 points at 0700 AEST.

The context: Upbeat economic data in the US this week and the Federal Reserve’s July meeting minutes have stoked concerns the Fed could keep interest rates high, weighing down investor sentiment. In the local market, investors will be keeping an eye on results from Alkem, Latitude Financial and Magellan.