ASX to slip, Tesla plunges 14pc as Musk-Trump feud heats up
Australian shares are set to track Wall Street's retreat ahead of the latest monthly jobs report that will fan speculation about the Federal Reserve's next round of interest rate cuts.
ASX futures were pointing down 9 points, or 0.1 per cent, predicting the S&P/ASX 200 Index would extend the prior session's slight decline.
Profit-taking hit US stocks in the final hours of trade ahead of Friday's all-important jobs report, with the S&P 500 and Nasdaq Indexes down 0.7 per cent in the final hour.
Markets are expecting a fall in non-farm payrolls in May, to 126,000, after growth in March and April exceeded expectations. Unemployment is expected to remain steady at 4.2 per cent.
Tesla also added to pressure after the stock tumbled almost 15 per cent, prompted by a heated feud between chief executive Elon Musk and Trump.
Stocks had climbed earlier in the session after US President Donald Trump held the phone call with President Xi and said the two countries would resume formal trade negotiations.
Market highlights
ASX futures are pointing down 9 points or 0.1 per cent to 8544.
All US prices are as of 3.43pm New York time.
Top stories
BHP considers return to nickel business with ultra-cheap mine project | The resources giant shut down local production of the commodity in the face of a surge in low-cost Indonesian production backed by Chinese investment last year.
As Alex Waislitz prepares for a legal fight with his fiancee's sister, the Pratt family has thrown a spanner in the mix.
| About 500,000 workers will be caught by Labor's new super tax if the $3 million threshold is not indexed. Only 64,000 will be hit if it is.
Miners fight back in the Pilbara with cash and lawyers | Rio Tinto and BHP are pushing back against attempts to unionise the iron ore-rich region for the first time in 30 years.
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