Wall Street ended lower overnight, surrendering early gains as investors weighed fresh signs of ‘stagflation’. In corporate news, Caterpillar revealed the impact of tariffs on its earnings, while Donald Trump announced plans to lift tariffs on pharmaceutical and semiconductor imports. Meanwhile, Tesla shares dipped on weaker sales in Europe, and oil prices fell for a fourth straight session amid cooling demand. Locally, the ASX is expected to approach record highs on Wednesday. Ryan and Tom also preview REA’s upcoming earnings.

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