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ASX eyes gains as Wall Street advances; Meme stocks surge

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Stocks drifted higher in afternoon trading on Wall Street, leaving the market hovering just below the record high it set in late March.

The S&P 500 rose 0.5 per cent and is just below its record high. The Dow Jones rose 0.3 per cent in late trade. The Nasdaq composite rose 0.7 per cent. The Australian sharemarket is set to rise with futures at 5.03am AEST pointing to a gain of 35 points, or 0.5 per cent, at the open. The ASXSeveral “meme” stocks, including GameStop and AMC Entertainment, raced higher in a reprise of the social-media driven frenzy of three years ago. GameStop jumped 54.6 per cent and AMC rose 34.3 per cent.

“Inflation pressures in the U.S economy are still substantial and the momentum that built up over the last few years is still rolling along,” said by Bill Adams, chief economist for Comerica Bank. “At the margin the Fed will see the April PPI report as another reason to slow-roll interest rate cuts.”

Investors have been curtailing their expectations for the speed and frequency of interest rate cuts this year as inflation remains hotter than expected. Traders are betting on one or two rate cuts this year, according to data from CME Group.Wall Street is still hoping the Fed can pull off its “soft landing,” where high interest rates work to cool inflation without slowing the economy into a recession.

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