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The ASX200 is set to fall more than a third of a percent, following a subdued performance on Wall Street, as US investors await a rate cut decision from the Federal Reserve to be announced later this week.
The S&P 500 and the Dow Jones recorded miniscule changes after both hitting records, while the Nasdaq moved up 0.2%.
The FOMC (Federal Open Market Committee) begins its two-day meeting today, and investors are expecting this will result in a rate cut – the first since 2020 – although there is some disagreement about whether this will be by 25 or 50 basis points (bps).
Looking at mega cap performances, Nvidia dropped 1.1%, while Microsoft rose 0.9% after the company raised its quarterly dividend. Intel lifted 2.6% after it announced a new business partnership with Amazon.
On the ASX, today’s expected lower opening follows a fresh all-time high of 8140.9 reached by the S&P/ASX 200 on Tuesday.
In forex, the Aussie is buying 68 US cents.
Looking at commodities which are priced in US dollars, Iron Ore is fetching $91.94 per tonne, Brent Crude is just over US$73.69 per barrel, Gold is at US$2,570 an ounce, and US natgas at US$2.32 per gigajoule.
