ASX set to edge lower as Wall Street’s momentum cools

The S&P 500 was 0.2 per cent lower in afternoon trading. The Dow Jones was down 0.4 per cent and the Nasdaq composite was 0.1 per cent lower. The Australian sharemarket is set to dip, with futures at 4.54am AEDT pointing to a slide of 9 points, or 0.1 per cent, at the open. The ASXThe market is easing back from last week’s big run, which was its best of the year and sent all three indexes to records on Thursday.

For the market to continue rallying, more companies will need to deliver strong earnings growth to justify high prices, say strategists at Morgan Stanley. Boeing was trimming some of its sharp losses for the year and rose 1.3 per cent. Beset by worries about its safety and quality of manufacturing, the plane maker announced a shakeup to its management. Among the moves is theWall Street is also preparing for the return of a stock trading under the ticker symbol “DJT,” the initials of former President Donald Trump. The company behind his Truth Social platformThe company’s stock jumped 23.

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