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ASX set for positive open despite Wall Street slide; $A hits US79c

Wall Street stocks fell in afternoon trading on Monday (US time), adding to the declines that started last week as investors continue to be concerned about rising interest rates and the potential for inflation down the road.

In early afternoon trade, the S&P 500 was down 0.2 per cent pulled down by technology and health care companies which have done well over the past year. The Dow Jones has risen 0.4 per cent while the technology-heavy Nasdaq has fallen 1.4 per cent.

Wall Street’s losing run looks set to continue.

Wall Street’s losing run looks set to continue.Credit:NYSE

Despite the soft lead the Australian sharemarket is set for gains, with futures at 5.12am AEDT pointing to a rise of 14 points or 0.2 per cent at the open. The Australian dollar continued to surge, rising above 79 US cents.

Investors remain focused on the future of global economies badly hit by COVID-19 and the potential for more stimulus to fix them. The US House of Representatives is likely to vote on Biden’s proposed stimulus package by the end of the week. It would include $US1400 ($1767) cheques to most Americans, additional payments for children, and billions of dollars in aid to state and local governments as well as additional aid to businesses impacted by the pandemic.

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