ASX set for flat start on budget day as Wall Street edges lower

The S&P 500 was edging 0.1 per cent lower in afternoon trading and is less than 1 per cent below its record set at the end of March. The Dow Jones was down 0.2 per cent and the Nasdaq composite was 0.3 per cent higher. The Australian sharemarket is set to inch lower, with futures at 4.52am AEST pointing to a dip of 3 points at the open.

Some critics are saying the Fed may end up having to delay rate cuts for longer than traders expect because of continued pressure on inflation. The goal for inflation that “the Fed seeks is a pipe dream,” according to Barry Bannister, a managing director at Stifel. Earnings season has nearly finished, and reports are already in for more than 90 per cent of companies in the S&P 500. But this upcoming week includes Walmart and several other big names. They could offer more detail about how US households are faring.

GameStop soared 76.5 per cent in a swing reminiscent of its maniacal moves a little over three years ago. That’s when hordes of smaller-pocketed and novice investors sent the stock’s price way above what many financial analysts and professional investors called rational.One believer in particular, who goes by the nickname Roaring Kitty, helped lead the charge, and a post on a social media account linked to him was stirring more adrenaline.

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