The local share market is set to open lower despite a strong rebound on Wall Street overnight. Follow the day's events and insights from our business reporters on the ABC News live markets blog.

Australian shares are set to open lower as Wall Street staged a comeback that drove the S&P 500 up. Oil dropped as the Strait of Hormuz resumed shipping. Follow live updates.

Stocks rose on Wall Street, taking back most of their losses from a day earlier, and are on track to notch weekly gains.