1 October we become SureStone CapitalSame team, same ABN. Our website and email addresses move to surestone.com.au.
Preparing video
The local market looks set to turn negative at the opening with ASX futures pointing down 0.3%. This comes as stocks on Wall Street broke a three-session run of record closing highs, as Federal Reserve Chair Jerome Powell tempered expectations of interest rate cuts.
The Nasdaq led declines as tech stocks faltered. Apple, Amazon and Microsoft were also lower. Shares of Nvidia retraced the previous session's gains when the chipmaker said it plans to invest up to $100 billion in OpenAI.
US Federal Reserve Chair Jerome Powell has said the central bank needs to continue balancing the competing risks of high inflation and a weakening job market in coming interest rate decisions. The latest economic outlook from the OECD has found global growth is holding up better than expected and is now expected to slow only slightly to 3.2% in 2025 from 3.3% last year. It says the full impact of the US import tariffs is still to be felt as AI investment props up US activity and fiscal support cushions China's slowdown.
US Treasury yields declined following Jerome Powell's cautionary interest rate commentary. Meanwhile the Australian dollar is little changed, trading at US66 cents.
