ASX set to dip despite Wall Street rise; Reddit soars, Apple falls

The S&P 500 rose 0.6 per cent in afternoon trading, following up on hitting a record high for a second straight day. Roughly 75 per cent of stocks in the index gained ground.The Dow Jones rose 0.8 per cent. The Nasdaq composite rose 0.6 per cent. Both indexes are also coming off of record highs. The Australian sharemarket is set to retreat, with futures at 5.02am AEDT pointing to a loss of 15 points, or 0.2 per cent, at the open. The ASXMicron surged 16.

On the losing end, Apple slumped 3.6 per cent after the Justice Department announced a sweeping antitrust lawsuit against the iPhone maker. It accuses the tech giant of engineering an illegal monopoly in smartphones that boxes out competitors and stifles innovation. Olive Garden owner Darden Restaurants fell 6.6 per cent after cutting its revenue forecast for the year.

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