The Australian share market is tipped to rise in early trade following a late rally by Wall Street's industrial stocks.

The SPI200 futures contract was up 17 points, or 0.26 per cent, at 6,634.0 at 0700 AEST, suggesting the benchmark S&P/ASX200 will climb at Wednesday's open.

The S&P 500 rose late in the overnight US session - edging 0.03 per cent higher to 2,979.39 - but was held back somewhat by technology shares, which dragged in the wake of soft Chinese producer data.

The Dow Jones Industrial Average closed 73.92 points, or 0.28 per cent, higher at 26,909.43, but the Nasdaq Composite dropped 3.28 points, or 0.04 per cent, to 8,084.16, for its third straight decline.

The Aussie dollar is buying 68.60 US cents, down from 68.69 US cents on Tuesday.

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