ASX set to open slightly higher as Wall Street AI stocks lift sentiment ahead of local inflation data

ASX futures pointed to a small gain at the open, up 11 points, or about 0.1 per cent, after the local market added 0.5 per cent on Tuesday. Traders were preparing for Australian inflation figures for September due at 11:30am AEDT.

US markets pushed higher overall as strength in technology and artificial intelligence-linked stocks offset weakness elsewhere: the S&P 500 rose 0.6 per cent, the Nasdaq gained 1.2 per cent, and the Dow Jones fell 39 points, or 0.1 per cent.

Broadcom jumped 4 per cent after unveiling a $US63 billion financing arrangement that will help Anthropic access Broadcom’s XPU AI accelerators and networking products. Nvidia rose about 1 per cent, while cloud GPU operator CoreWeave climbed 7.3 per cent amid volatile trading.

Corporate news added to market moves. General Motors climbed 5.5 per cent after saying it will transfer its listing from the New York Stock Exchange to the Nasdaq, a move geared toward aligning the automaker with large technology names and possibly joining the Nasdaq 100 index.

Airlines and travel stocks also moved sharply. JetBlue surged 18.8 per cent despite reporting a larger summer loss than analysts expected; CEO Joanna Geraghty said the carrier expects to return to sustained operating profits next year and aims for at least $US1 in earnings per share in 2028. Royal Caribbean rose 8.4 per cent after reporting a stronger summer profit and lifting its full-year earnings guidance.

Not all companies fared well: Boeing tumbled 9.4 per cent after a quarterly loss larger than analysts had forecast. Hilton Worldwide slid 3.4 per cent after weaker summer revenue and a fourth-quarter profit range whose midpoint missed expectations.

Hilton warned of regional disruption, saying:

"increased impact from the Middle East" during the quarter.

Paints maker Sherwin-Williams fell 2.6 per cent, with the company citing softer demand as high mortgage rates continue to damp activity in the housing sector.

In fixed income and commodities, the 10-year US Treasury yield held at 5.00 per cent, a day before the Federal Reserve is due to announce its interest rate decision, and Brent crude eased 1.1 per cent to $US109.51 a barrel. Asian markets were mixed, with Seoul up 3.1 per cent and Shanghai down 1.3 per cent.

Locally, the Australian dollar strengthened to US70.28¢, and investors will be watching the domestic inflation print for fresh clues on consumer prices and near-term market direction. The release could influence trading in equities, bonds and the currency as participants reassess growth and inflation risks.