Stocks steadied on Wall Street after wavering between gains and losses in early trade amid concerns about inflation and whether rising interest rates will help or hinder the economy.
The S&P 500 rose 0.3 per cent in late trade, bouncing between a gain of 1 per cent and a loss of 1.3 per cent throughout the day. The Dow Jones Industrial Average is up 0.5 per cent and the Nasdaq has added 0.4 per cent. The Australian sharemarket is set for gains, with futures at 5.12am AEST pointing to a rise of 49 points, or 0.8 per cent, at the open. On Wednesday, the ASX slipped by 0.2 per cent.
The choppy trading follows a solid rally on Wall Street on Tuesday in what has been a turbulent period for the broader market, with daily and sometimes hourly swings from sharp gains to losses. The benchmark S&P 500 is currently in a bear market, which means it has dropped more than 20 per cent from its most recent high, which was in January. It has also fallen in 10 of the last 11 weeks, but is holding on to gains so far for this week.