liveLive: ASX set to rise after gains on Wall Street; US Federal Reserve holds ratesBy business reporter Rhiana WhitsonTopic:Stock Market31m ago31 minutes agoWed 7 May 2025 at 9:59pmSkip to timelineabc.net.au/news/asx-markets-business-live-news-may-federal-reserve/105266932Link copiedShareShare articleThe Australian share market is set to rise on Thursday, after Wall Street made gains overnight. Meanwhile, the US Federal Reserve has held interest rates. Follow the day's financial news and insights from our specialist business reporters on our live blog.Disclaimer: this blog is not intended as investment advice.Key EventsWall Street gains, Fed Reserve holds rates10m ago10 minutes agoWed 7 May 2025 at 10:20pmSubmit a comment or question Log in to commentLive updatesLatestOldestPinned26m agoWed 7 May 2025 at 10:03pmMarket snapshotRBy Rhiana WhitsonASX futures: +0.1% to 8,188 pointsAustralian dollar: -1.2% to 64.27 US centsWall Street: Dow Jones (0.7%), S&P 500 (+0.4%), Nasdaq (+0.3%)Europe: FTSE (-0.4%), DAX (-0.6%), EuroStoxx 600 (-0.5%)Spot gold: Unchanged at $US3,391/ounceBrent crude: -1.8% $US61.01/barrelIron ore: +0.8% to $US98.25/tonneBitcoin: +2.3% to $US97,263Values at approx 8.03am AESTCopy linkKey Event10m agoWed 7 May 2025 at 10:20pmWall Street gains, Fed Reserve holds ratesRBy Rhiana WhitsonWall Street stocks made gains on Wednesday (US time), while US Treasury yields fell after the Federal Reserve left interest rated unchanged.The Dow Jones Industrial Average rose 0.7%, to 41,113, the S&P 500 added 0.4%, to 5,631 and the tech-heavy Nasdaq Composite finished the day up 0.3% at 17,738.After a choppy session there was a late rally, as chipmakers jumped after Bloomberg reported President Donald Trump's administration plans to rescind AI chip curbs made by the Biden administration.This was after the Fed Reserve held rates steady, which was in line with expectations.Fed Reserve Chair Jerome Powell said while the US economy continued to expand at a solid pace, it noted that risks of higher inflation and unemployment had risen as it grapples with the impact of Trump's tariff policies.The risks of higher unemployment and higher inflation left the Fed with almost no good short-term options, said Julia Hermann, global market strategist at New York Life Investments."Their ability to pre-emptively cut rates to shore up economic growth is constrained by upside inflation risks, and then, conversely, their ability to pre-emptively hike rates to reduce inflation risk is constrained by downside risk to growth," she said."So it's a stagflation conundrum." "We expect to see meaningful easing from the Fed only in the scenario that economic growth figures really disappoint."In US Treasuries, yields slipped after the Fed's update. The yield on benchmark US 10-year notes fell 4.9 basis points to 4.2% from 4.3% late on Tuesday while the 30-year bond yield fell 4.1 basis points to 4.7%.The two-year note yield, which typically moves in step with Fed interest rate policy, fell 0.8 basis point to 3.7%, from 3.7% late on Tuesday.Copy link40m agoWed 7 May 2025 at 9:50pmGood morningRBy Rhiana WhitsonGood morning, and welcome to the ABC business blog for Thursday May 8.Apologies for the later than unusual start. It's been a morning of computer problems for me.The Australian share market is set to rise, after gains on Wall Street.In news related to markets, the US Federal Reserve has kept interest rates at the target range of 4.25% to 4.5%Copy linkPosted 31m ago31 minutes agoWed 7 May 2025 at 9:59pm, updated 2m ago2 minutes agoWed 7 May 2025 at 10:27pmShare optionsCopy linkFacebookX (formerly Twitter)TimelineRead nextCommentsTimelineLatestMarket snapshotEconomyMarket snapshot26m ago26 minutes agoWed 7 May 2025 at 10:03pmPINNEDWall Street gains, Fed Reserve holds rates10m ago10 minutes agoWed 7 May 2025 at 10:20pmGood morning40m ago40 minutes agoWed 7 May 2025 at 9:50pmTop Stories'He was that toxic': 600 unused posters tell the story of Dutton's failed campaignTopic:ElectionsPhoto shows Backlit photo of a Dutton press conference, his silhouette centred in front of a microphoneThe election result makes the nuclear fight even tougher for the CoalitionDAnalysis by David Speers'Needs a mirror': PM unleashes on ousted Greens MPTopic:Government and Politics'Beneath America': Biden rebukes Trump in first interview since leaving officeTopic:World PoliticsAustralia's best sports rights in the hands of a Soviet-born, former oil tycoonTopic:Media IndustryJust InHeartbreak for Arsenal as PSG claims Champions League final spotTopic:Soccer18m ago18 minutes agoWed 7 May 2025 at 10:11pmDV victim's mother meets NSW premier over killer's sentenceTopic:Domestic Violence26m ago26 minutes agoWed 7 May 2025 at 10:03pmGenerations of women show motherhood isn't a barrier to composing musicTopic:Australian Composers30m ago30 minutes agoWed 7 May 2025 at 10:00pmASX set to rise after gains on Wall Street; US Federal Reserve holds ratesLIVE2m ago2 minutes agoWed 7 May 2025 at 10:27pmMore Just InBack to top