The Australian sharemarket is set for a sluggish start after Wall Street’s record-breaking rally was running out of momentum overnight and the price of gold topped $US4,000 per ounce for the first time.

ASX futures slipped 1 point to 8986 as of 6.59am AEST after the local bourse lost 0.3 per cent in the previous session . The Aussie dollar traded 0.5 per cent lower at US65.81¢.

On Wall Street, the S&P 500 dipped 0.4 per cent, coming off its latest all-time high and breaking its seven-day winning streak. The Dow Jones Industrial Average was down 0.2 per cent and Nasdaq composite was 0.7 per cent lower. Drops for Tesla and Oracle weighed on the US market.

Wall Street edged back from its recent records, setting the scene for a weaker start on the Australian sharemarket. Credit: Bloom

See Full Page