AU Morning Wrap: Stocks set to tumble after US tanks

U.S. stock index futures were flat during overnight trading Sunday after the $Nasdaq Composite Index(.IXIC.US)$ posted its worst month since 2008, pressured by rising rates, rampant inflation, and underwhelming earnings from some of the largest technology companies.

Futures contracts tied to the $Dow Jones Industrial Average(.DJI.US)$ slid 11 points. $S&P 500 Index(.SPX.US)$ futures were flat, while $Nasdaq Composite Index(.IXIC.US)$ futures declined 0.2%.

Australia's $S&P/ASX 200(.XJO.AU)$ is on track to open lower after weakness in U.S. technology stocks last week pushed the Nasdaq Composite to its worst monthly performance in over 10 years.

ASX Futures are down by 1.3%, suggesting the benchmark will fall at the open.

Australia shares opened lower this morning. The $S&P/ASX 200(.XJO.AU)$ lost 1.32 per cent to 7336.9 as of 10:34 am.

$Qantas Airways Ltd(QAN.AU)$ is expecting to return to profitability in the next financial year, and has mentioned that revenue growth during the third quarter has reduced its net debt to $4.5 billion - below pre-Covid-19 levels. QAN expects to post a significant earnings (EBIT) loss for the current financial year, but has informed investors that it expects EBIT to be positive in the next quarter. The recovery is underpinned by a major aircraft order QAN also announced today.

$Telstra Group Ltd(TLS.AU)$ has advised that Michael Ackland will take over Vicki Brady's role as Chief Financial Officer. This follows TLS's decision to appointment Ms Brady as the new Chief Executive Officer.

$National Australia Bank Ltd(NAB.AU)$ has entered into an Enforceable Undertaking (EU) with AUSTRAC. NAB says that the EU follows an enforcement investigation undertaken by AUSTRAC in June last year.

Electricity and gas retailer $AGL Energy Ltd(AGL.AU)$ has downgraded its profit and earnings (EBITDA) guidance by around 18.3 per cent and 5.4 per cent respectively. AGL says that this follows a generator fault at one of its power stations.

Ex-dividend: $NB Global Corporate Income Trust(NBI.AU)$

Dividends paid: $Harvey Norman Holdings Ltd(HVN.AU)$

Commodities