ASX set to edge higher after mixed Wall Street session

The S&P 500 slipped 0.1 per cent, the Dow Jones fell 0.8 per cent and the Nasdaq composite rose 0.2 per cent. The Australian sharemarket is set to rise, with futures pointing to a rise of 7 points, or 0.1 per cent, at the open.Nike dragged on the market after falling 6.9 per cent. It reported stronger results for the latest quarter than analysts expected, but it’s in the midst of several fundamental changes to inject more newness into its shoes and other products to make them more popular.

Reddit fell 8.8 per cent to give back some of the big gain from its dynamic debut on the US stock market. The eclectic bazaar of online communities offered its stock at an initial price of $US34 a share andHelping to support the market was FedEx, which climbed 7.4 per cent after reporting stronger profit than expected despite what it called “a difficult demand environment.”

The stock had been on a spectacular run this year as Trump has marched toward the Republican nomination for president. But it began falling shortly after Digital World shareholders approved the merger, which would see Trump Media & Technology Group shares trade under the symbol DJT and replace Digital World’s DWAC.Critics have said Digital World’s stock is much, much higher than the businesses’ fundamentals suggest, and Truth Social has been losing money.

Earlier this week, the Federal Reserve indicated that it still may deliver three cuts to interest rates this year, as long as inflation keeps cooling. That calmed worries on Wall Street that several hotter-than-expected inflation reports this year could force it to take rate cuts off the table.

Source: News Formal (newsformal.com)

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