ASX set to slump despite Wall Street making gains

The Australian share market is set to slump after a positive start to the week.

As of 6:30am AEST, ASX futures were down 0.5 per cent to 6,783.

The benchmark closed 0.4 higher on Monday after being up by as much as 1.8 per cent earlier in the session.

The local currency was trading down at 76.60 US cents.

Wall Street had mixed results on its first day of trade for the week.

The S&P 500 and the Dow climbed, led by stocks poised to benefit the most from an economic rebound as the US Senate passed a US$1.9 trillion COVID-19 relief aid.

President Joe Biden said he hoped for a quick passage of the revised coronavirus relief package by the House of Representatives so he could sign it and send $US1,400 direct payments to Americans.

But prospects of…