ASX set to edge higher after Nvidia-fuelled Wall Street rally

Australian shares are poised for a modest rise at the open on Friday, following a strong performance on Wall Street. Technology stocks led the charge, with chip giant Nvidia's impressive earnings report significantly boosting confidence in the ongoing AI-driven tech rally. Nvidia's share price itself surged by 7.5 percent.

The Nasdaq Composite saw a gain of 1.57 percent, the S&P 500 rose by 0.72 percent, and the Dow Jones Industrial Average added 0.2 percent. This positive sentiment in the US market is expected to translate into a higher opening for the ASX.

Attention now turns to Federal Reserve Chair Kevin Warsh's address at Jackson Hole. His remarks will be closely scrutinized for any indications regarding the future path of US interest rates, particularly in light of recent inflation data and fluctuations in bond yields. The Australian dollar also saw a slight increase overnight, trading just below 72 US cents.

In local business news, a Queensland Mitre 10 franchisee has won a significant legal costs case against Bunnings. This ruling could potentially empower smaller businesses to challenge larger corporations in competition disputes and paves the way for the franchisee to pursue his case against Bunnings' planned store opening next to his Jimboomba outlet.