Australian Market Set for Softer Opening After US Stocks Stabilize

The Australian share market is expected to edge lower on opening after US stocks stabilised following one of their worst days of the year. Futures markets are pointing to a soft start for trading on the ASX after it plunged to a two-year low on Thursday. The local bourse had followed the trajectory of rattled global markets, which fell sharply after the US Federal Reserve predicted it would deliver fewer rate cuts in 2025 than expected. However, a day after tumbling 2.

9 per cent following the Federal Reserve’s prediction, the S&P 500 rose 0.2 per cent in afternoon trading (US time). The Dow Jones Industrial Average was up 96 points, or 0.2 per cent, as of 1:03 p.m. Eastern time in the US, following Wednesday’s drop of more than 1100 points. The Nasdaq composite rose 0.2 per cent. Wall Street loves lower interest rates because they give the economy a boost and goose prices for investments, but they can also provide fuel for inflation.Indexes are still near their records, and the S&P 500 is still on track for one of its best years of the millennium. Wednesday’s drop just took some of the enthusiasm out of the market, which critics had already been warning was overly buoyant and would need everything to go correctly for it to justify its high prices. Traders are now expecting the Federal Reserve to deliver just one or maybe two cuts to interest rates next year, according to data from CME Group. Some are even betting on none. A month ago, the majority saw at least two cuts in 2025 as a safe bet. Wall Street loves lower interest rates because they give the economy a boost and goose prices for investments, but they can also provide fuel for inflation. Darden Restaurants, the company behind Olive Garden and other chains, helped lift the market after leaping 14.9 per cent. It delivered profit for the latest quarter that edged past analysts’ expectations. The operator of LongHorn Steakhouses also gave a forecast for revenue for this fiscal year that topped analysts

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