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Australian shares poised to open lower; US data points to growth, moderating inflation; US rate rise probability falls below 40pc. Follow live.
Australian shares are set to open lower. Shares were mixed on Wall Street, with tech helping lift both the Nasdaq Composite and S&P 500. A barrage of data pointed to continuing strength in the US economy and a key metric showed inflation accelerated slower than expected last month, which led traders further paring their bets on a rate rise this month.
The probability of a quarter percentage point rate increase later this month fell to less than 40 per cent, just over 50 per cent the previous day and slightly more than 70 per cent a week ago. ASX 200 futures were down 39 points or 0.4 per cent to 8774 near 5am . In New York, the S&P 500 was 0.3 per cent higher near 3pm, paring earlier gains. Tech shares led four of 11 industry sectors higher.
“Technology has been the bright spot ... and something of a lifeboat for equity investors over that period as rising rates and energy prices have pressured other segments of the market,” JPMorgan market strategist Jason Hunter said in a note. “Interestingly, semiconductors and hyperscalers have performed well together at the index/basket level, and the software index has not come under pressure while hardware has rallied. ”
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