ASX to rise, Dow extends rally, Tesla slide stalls S&P 500
Shares in Tesla slumped more than 5 per cent as Elon Musk and President Donald Trump renewed their feud over Trump's signature legislative tax bill. Trump threatened to withdraw subsidies from Musk's companies and review the billionaire's immigration status.
In Portugal, Federal Reserve chairman Jerome Powell reiterated that the Fed probably would have cut interest rates if not for the uncertainty from Trump's tariff policy.
The US Senate approved by one vote Trump's tax bill, which now returns to the House of Representatives for another vote.
Market highlights
ASX futures are pointing up 21 points or 0.3 per cent to 8561.
All US prices as of 2.25pm New York time.
Today's agenda
The focus on Wednesday will be on May retail sales and building approvals data set for release at 11.30am. In a note, NAB said it forecasts a 0.6 increase month-over-month in retail sales. 'The consumer had a subdued start to the year, but we expect the April 0.1 per cent fall in retail sales understates momentum.'
eToro's Josh Gilbert said 'it has been a difficult stretch for retailers, with results coming in well below forecasts over the last few months.
'Markets are predicting a 0.3 per cent improvement in June and with CPI recording a drop last week, promising employment figures and a rate cut on the cards for July, the Aussie economy is looking healthier by the month. Sales figures for the EOFY period will likely reflect that.'
In the US, there will be June's ADP private payrolls report, one day in advance of the government's nonfarm payrolls data. The European Central Bank will conclude its annual Sintra gathering on Wednesday.
Cyberattacks on super funds threaten banking system, Labor warned | In a briefing to the government, APRA says cyberattacks on super funds will increase, and future shocks to the $4.1 trillion sector could spill over to the banks.
'Urgent, serious' risk of smelter closure, says Nyrstar | The metal processor says it is weeks away from closing plants in South Australia and Tasmania if it does not secure support from federal and state governments.
Super giant turns to Japan amid Trump trade fears | The country's second-biggest superannuation fund is investing more heavily in Japan at the expense of local shares and the US.
Chanticleer: Suck it up buttercup, keep going: David Di Pilla's advice to himself | HMC Capital shares tanked as it outlined a new, smaller energy transition investment arm to be run by a new executive. The stocks are down 66 per cent since their peak in November. It's a big test.
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