Investing.com - The Australian Stock Exchange lifted 0.1% at Monday's open as market participants keenly awaiting a series of economic data expected this week. These figures are anticipated to underscore predictions of a slowed economic growth, thereby reinforcing the likelihood of central banks initiating interest rate cuts later in the year.
Futures suggest that the benchmark S&P/ASX 200 Index is prepared to grow by 0.1%, or 11 points, to 7756.6 at the commencement of trading. This comes in the wake of the Nasdaq Composite and S&P 500, both heavily tech-influenced indices, closing at record highs on Friday, at 16,274.94 and 5137.08 respectively. The S&P/ASX 200 ended on a high note on Friday, closing up 0.6% at a record of 7745.6 points.
Gold mining companies are also expected to draw attention following a surge in gold prices in the US trading on Friday, triggered by a report from the Institute for Supply Management that revealed a drop in its US manufacturing index to 47.8 last month from 49.1 in January. Concurrently, the University of Michigan reported a plateau in consumer sentiment this month. This data revived the previously waning hopes that the Federal Reserve would shift towards rate cuts in the coming months.
Stocks to keep an eye on during Monday's session include Altium Ltd (ASX:ALU), Baby Bunting Group Ltd (ASX:BBN), Netwealth Group Ltd (ASX:NWL), Newmont Corporation DRC (ASX:NEM), Nick Scali Ltd (ASX:NCK), Rea Group Ltd (ASX:REA), and Steadfast Group Ltd (ASX:SDF), all of which are trading ex-dividend.