ASX to rise as US stocks fall from record highs and GE splits up

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US stocks have pulled back from their record highs, but the ASX is expected to gain despite the fall on Wall Street. US industrial giant General Electric has announced the 129-year-old economic powerhouse will split into three companies.

Wall Street has eased back, ending its record run as investors have taken profits and concerns about rising inflation have come to the fore.The Dow Jones index has fallen 0.5pc to 36,265, the S&P 500 has lost 0.4pc to 4,683 and the Nasdaq Composite has lost 0.6pc to 15,886 at 7:15am AEDT

The labour department's producer prices report showed inflation continued to gather heat as ongoing goods and labour supply challenges sent price growth soaring. The Dow Jones Industrial Average fell 167 points or 0.5 per cent to 36,265, the S&P 500 lost 0.4 per cent to 4,683 and the Nasdaq Composite dropped 0.6 per cent to 15,886 at 7:15am AEDT.General Electric surged 2.5 per cent after the 129-year-old industrial conglomerate announced it would split into three separate public companies to simplify its business.

 

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