Shares tipped to fall after extended rally

Investors appear set for early losses on the Australian share market after US markets turned cautious ahead of a Federal Reserve meeting.

The local SPI 200 futures contract was down by 86 points, or 1.39 per cent, to 6,098.0 at 0800 AEST on Tuesday, indicating losses in share values early.

Overnight, the S&P 500 and Dow fell as the Federal Reserve began a two-day meeting.

While no major policy announcements are expected when the US central bank wraps up on Wednesday, investors will scrutinise remarks on the health of the economy, which has been reopening after coronavirus-related closures.

The Dow Jones Industrial Average fell 1.09 per cent to 27,272.3, the S&P 500 lost 0.78 per cent to 3,207.18 while the Nasdaq Composite added 0.29 per cent to 9,953.75.

In Australia today, data for housing, personal and business loans from April will be published.

The share market on Tuesday climbed for the sixth consecutive day and the S&P/ASX200 benchmark index finished up 146.2 points, or 2.44 per cent, at 6,144.9 points, while the All Ordinaries index climbed 146.4 points, or 2.39 per cent, at 6,262.9.

The Australian dollar was buying 69.57 US cents at 0800 AEST. That was higher from 69.37 US cents at the close of trade on Tuesday.

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