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ASX set to edge lower as Wall Street slides; Apple drops

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US stocks are drifting as Wall Street waits for highly anticipated reports later this week about inflation and the economy.

Software giant Oracle was weighing on tech stocks after reporting revenue for the latest quarter that fell just short of what analysts expected. Its stock tumbled 14.1 per cent, even though its profit topped expectations.

High rates work to undercut inflation by slowing the entire economy and knocking down prices for stocks and other investments. Sixty percent of fund managers say they think the Fed is done hiking rates, investment strategists led by Michael Hartnett wrote in a BofA Global Research report. That’s a sharp turnaround from July, when just 9 per cent were saying that.

 

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