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ASX set for flat start as Wall Street slips ahead of inflation report

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US stock indexes are slipping, as traders make their final moves before several potentially market-moving reports later in the week.

The S&P 500 was 0.3 per cent lower in afternoon trading after erasing an early, modest gain. The Dow Jones was down 0.4 per cent in mid-afternoon trade and the Nasdaq composite was 0.1 per cent lower. The Australian sharemarket is set to inch higher, with futures at 4.56am AEST pointing to a rise of 4 points, or 0.1 per cent, at the open. The ASXTreasury yields were easing in the bond market ahead of Wednesday’s highly anticipated update on inflation at the US consumer level.

Strategists at Bank of America are looking for Wednesday’s inflation update to show a cooldown after ignoring food and energy prices, which can zigzag sharply. Such a result would likely increase traders’ expectations for a cut to rates in June, which the market currently sees as slightly better than a coin flip’s probability.

Nvidia sank 3 per cent, and because it’s one of the biggest stocks on Wall Street, it was the single largest force pulling the S&P 500 down. Super Micro Computer fell 3.4 per cent, though its stock has still more than tripled so far this year.

Source: News Formal (newsformal.com)

 

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