ASX set to edge lower as Wall Street treads water

Wall Street is drifting lower in a lacklustre return to trading following a three-day holiday weekend. The S&P 500 was 0.4 per cent lower in afternoon trading and remains within 0.7 per cent of its all-time high set two years ago. The Dow Jones was down 0.7 per cent in early afternoon trade and the Nasdaq composite fell 0.4 per cent. The Australian sharemarket is set to dip, with futures at 5.04am AEDT pointing to a loss of 3 points at the open. The ASX lost 1.1 per cent on Tuesday. Wall Street is hovering near record highs. Credit: Bloomberg Morgan Stanley sank 4 per cent after it said a legal matter and a special assessment…