ASX set to fall, Wall Street slides as deadline nears; Trump’s Fed nominee grilled

The ASX is poised for a decline as Wall Street futures slip ahead of a key policy deadline, reflecting broader risk-off sentiment amid uncertainty over U.S. fiscal direction. The selloff in U.S. equity futures points to weakening risk appetite, driven by concerns over potential government spending shifts and the implications of President Trump’s Federal Reserve nominee facing congressional scrutiny. This political and policy uncertainty is pressuring the S&P 500, as markets reassess near-term interest rate path stability and fiscal sustainability. The TRUMP stock is particularly exposed due to its sensitivity to developments tied to the administration’s credibility and policy momentum. Traders will focus on the outcome of the Fed nominee’s confirmation hearing and Friday’s nonfarm payrolls report for clues on market-volatile shifts in monetary policy expectations.

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