Australian shares are set to open lower, after a mixed session on Wall St.

ASX futures were down 0.1% or 9 points as of 8:00am on Tuesday, suggesting a lower open.

Technology stocks led the Nasdaq Composite to a new high Monday as investors continued to bet on the strength of U.S. consumers and interest-rate cuts.

The Nasdaq Composite rose 0.7% to 16794.87, the S&P 500 added 0.1%, and the Dow Jones Industrial Average declined 0.5%, or about 197 points, from Friday's record close.

In commodity markets, Brent crude oil was down 0.3% to US$83.74 a barrel, while gold was up 0.4% at US$2,425.31.

In local bond markets, the yield on Australian 2 Year government bonds was up at 3.93% while the 10 Year yield was also up at 4.23%. US Treasury notes were up, with the 2 Year yield at 4.85% and the 10 Year yield at 4.44%.

The Australian dollar was 66.64 US cents, down from its previous close of 66.91. The Wall Street Journal Dollar Index, which tracks the US dollar against 16 other currencies, was up at 99.32.


Chinese shares closed higher as sentiment remained positive after Beijing's stimulus measures targeting the property sector. Investors are also digesting China's unchanged benchmark lending rates, data showed earlier Monday. The benchmark Shanghai Composite Index ended 0.5% higher at 3171.15, the Shenzhen Composite Index was up 0.5% and the ChiNext Price Index rose 0.6%. Commodity stocks led gains. Jiangxi Copper advanced 5.9%, while Zhongjin Gold and China Coal Energy each rose 5.6%. Among decliners, Seazen Holdings and Haier Smart Home dropped 4.3% and 3.6%, respectively.

Hong Kong shares ended higher amid upbeat sentiment. The mood toward Chinese stocks remains largely positive due to policy support, lower rates, and share buybacks, HSBC analysts said in a note. Energy stocks led the gains as oil prices rose. PetroChina added 2.0% and Cnooc climbed 1.55%. Auto stocks were broadly higher, with BYD up 2.0% and Li Auto putting up 4.2% ahead of earnings. Mainland property stocks fell as initial cheer over the latest easing measures faded, with some investors concerned that the package might not be enough. Longfor Group dropped 1.7% and China Resources Land fell 0.3%. The benchmark Hang Seng Index ended 0.4% higher at 19636.22, and the Hang Seng Tech Index rose 0.55%.

Japanese stocks end higher, led by gains in bank and energy stocks, as the 10-year Japanese government bond yield hits an 11-year high. Mizuho Financial Group gains 3.1% and Sumitomo Mitsui Trust Holdings climbs 2.4% as the 10-year JGB yield rises 3 basis points to 0.975%, the highest level since May 2013. Meanwhile, Eneos Holdings gains 6.2% and Inpex adds 4.2%. The Nikkei Stock Average rises 0.7% to 39069.68. Investors are focusing on developments in the Middle East and crude oil prices after Iranian President Ebrahim Raisi was killed in a helicopter crash on Sunday. USD/JPY is at 155.74, compared with 155.67 late Friday in New York.

India markets were closed for the General Elections (Lok Sabha) public holiday.


Stocks in the U.K. were flat Monday, as the FTSE 100 Index held steady at 8424.20.

Among large companies, Kainos Group PLC was the biggest gainer during the session, surging 17% to GBP1,246.00, and YouGov PLC surged 9.2% to GBP900.00. Carnival PLC rounded out the top three movers on Monday, as shares surged 5.8% to GBP1,141.50.

EasyJet PLC posted the largest decline, falling 3.2% to GBP474.90, followed by shares of Burberry Group PLC, which fell 3.0% to GBP1,067.00. Shares of Ocado Group PLC fell 2.4% to GBP354.30.

In Europe, shares closed higher, with the STOXX Europe 600 Index up 0.2% to 523.89, Germany's DAX gaining 0.4% to 18,768.96 and France's CAC 40 also adding 0.4% to 8,195.97.

North America

Technology stocks led the Nasdaq Composite to a new high Monday as investors continued to bet on the strength of U.S. consumers and interest-rate cuts.

The tech-laden Nasdaq Composite rose 0.7% to 16794.87, eclipsing the record it set Wednesday after a Labor Department report showed inflation easing in April. The S&P 500, which traded at record levels before a late session pullback, added 0.1%.

The Dow Jones Industrial Average declined 0.5%, or about 197 points, from Friday's record close.

Norwegian Cruise Line Holdings added 7.6% to lead the S&P 500 higher after it raised this year's profit expectations and executives gave an upbeat presentation to investors at the New York Stock Exchange. Rivals Royal Caribbean and Carnival gained 4.1% and 7.3%, respectively.

Finance chief Mark Kempa said Norwegian's well-off customers are booking trips nine and 10 months out and spending big once they are on board.

"Cruise lines are a leading indicator," he said. "Consumers are strong."

Investors will get a closer look at consumer spending Tuesday, when retailers Lowe's, Macy's, AutoZone and Urban Outfitters are scheduled to report quarterly results.

"The U.S. consumer is paramount in determining the direction of the market," said Nathan Kotler, head of trading at investment manager GenTrust.

Though high interest rates are enabling spending among wealthier consumers who are earning returns on their savings, higher borrowing costs are taking a toll on lower-income Americans, who have burned through the extra cash they piled up during the pandemic, Kotler said.

"I don't know how much is left in the consumer at this point," said Joe Salmond, portfolio manager at Thornburg Investment Management. "That's definitely an area where we're cautious."

On Wednesday, investors will get a fresh read on existing-home sales and pore over minutes from the meeting three weeks ago of the Federal Open Market Committee for clues about the central bank's next move for interest rates.

The yield on benchmark 10-year Treasury notes rose to 4.436%, up from 4.419% on Friday.

Nvidia, the microchip maker at the center of the artificial-intelligence boom, is scheduled to report its latest results Wednesday afternoon. The shares rose 2.5% on Monday and are up 91% so far this year.

The PHLX Semiconductor Index rose 2.2% to its highest close since early March. Chip maker Micron Technology added 3%. Applied Materials, which sells equipment and software to make semiconductors, gained 3.7%.

Netflix added 3.2% to close at its highest price since late 2021.

Insurer Chubb was among the S&P 500's biggest losers, shedding 3.7%. The stock rose 8.4% to an all-time-high late last week after Warren Buffett's Berkshire Hathaway disclosed a big stake in the firm.