ASX set to edge higher as techs buoy Wall Street; bitcoin extends slump

Stocks wobbled in midday trading on Wall Street on Thursday (US time) as investors reviewed the latest earnings reports from retailers and an update on the employment market.

In early afternoon trade, the S&P 500 is 0.2 per cent higher, the Dow Jones has slipped by 0.1 per and the Nasdaq has added 0.4 per cent. The Australian sharemarket is set for a flat start, with futures at 5.10am AEDT pointing to a gain of 2 points at the open.

Roughly 70 per cent of the benchmark S&P 500 companies fell, but gains by several large technology companies helped offset losses in other sectors.

Financial companies had some of the broadest losses. American Express fell 1.5 per cent and insurer Allstate fell 1.1 per cent.

Bitcoin continued its slide, falling for a fifth consecutive day as it slipped below $US57,000 ($78,370) for the first time since October, in a retreat from record highs.

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The world’s largest cryptocurrency hasn’t slumped that long since the five days that ended May 16. Unlike traditional assets, crypto assets trade on the weekend, so the streak includes Saturday and Sunday.

Bitcoin was down about 4.1 per cent to $US57,880 according to Bitstamp. It’s slumped roughly 15 per cent from its all-time high of around $US68,000 reached earlier this month.

Ether, Solana, and memecoins like Dogecoin also fell.