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ASX set to dip after Nvidia weighs on Wall Street

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The Australian sharemarket is set to retreat at the open.

US stocks coasted to the close of their latest winning week, as Nvidia ’s stock continued to cool from its startling, supernova run.

Shares of Trump Media & Technology Group rallied back from an early loss and rose 3.4 per cent to trim its loss for the week to 25.3 per cent. The company behind Donald Trump’s Truth Social platform had seen its stock nearly halve since the conviction of the former president in late May on charges in a scheme to illegally influence the 2016 election through a hush money payment to a porn actor who said the two had sex.All told, the S&P 500 dipped 8.55 points to 5,464.62.

Overall output growth hit a 26-month high, according to S&P Global’s preliminary reading of activity among US manufacturing and services businesses. Perhaps more importantly for Wall Street, that strength may be happening without a concurrent rise in pressure on inflation.

 

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