The Australian market looks set to open flat after Wall Street closed modestly lower following a volatile session.

The SPI is trading at 5480, down 6 points.

In the US, the S&P 500 rose after Fed Chair Janet Yellen on Friday said the case for raising rates had strengthened but did not indicate when the Fed would act.

Yellen told a gathering of central bankers from around the world in Jackson Hole, Wyoming, the US economy was nearing the central bank's goals of maximum employment and price stability but that future hikes should be "gradual".

Stocks later traded lower after hawkish comments from Fed Vice Chair Stanley Fischer raised the possibility of a rate rise as soon as September.

Locally, in economic news on Monday, the HIA new home sales figures for July are due out.

In equities news, Temple and Webster and Ridley Corporation are slated to release full-year results.

Key Numbers

• The SPI is trading at 5480, down 6 points
• AUD -0.7% to 75.63 US cents on Saturday morning
• On Wall St, Dow -0.3%, S&P 500 -0.2%, Nasdaq +0.1%
• In New York, BHP -0.8%, Rio -0.9%
• In Europe, Stoxx 50 +0.8%, FTSE +0.3%, CAC +0.8%, DAX +0.6%
• Spot gold -0.1% at $US1321.18 an ounce
• Brent crude -0.3% to $US49.53 a barrel

What’s on today

Local data: HIA new home sales July

Local earnings: Estia Health, Beach Energy, Regis Resources

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