AU Morning Wrap | ASX 200 opens lower as tech sector slides

Moomoo News AU wrote a column · Sep 24 08:42

G'day, mooers! Check out the latest news on today's stock market!

• S&P 500 and Dow Hit Intraday Peaks, But Fade as Apple, Nvidia, Oracle Slip

• Tech Rout Drags ASX Lower at Open

• Stocks to Watch: JHX, KMD and DRR

AU Morning Wrap | ASX 200 opens lower as tech sector slides

Wall Street Summary

The S&P 500 and Dow-30 both notched fresh intraday records Tuesday, but gains evaporated by the close as Apple, Nvidia and Oracle lost steam.

During a Q&A in Providence, Powell—who rarely comments on markets—noted that the Fed does monitor “overall financial conditions” to see if policy is “having the desired effect,” and observed that “by many measures equity prices look quite rich.” Still, he said he doesn’t presently detect “elevated financial-stability risks.”

The $Nasdaq Composite Index (.IXIC.US)$ fell 223.22 points (1%) to a 22,565.75 finish, while the $S&P 500 Index (.SPX.US)$ shed 41,64 ticks (0.6%) to 6,652.11 and the $Dow Jones Industrial Average (.DJI.US)$ gave back 103.11 points (0.2%) to 46,278.43.

AU Market Watch

The Australian sharemarket opened lower, with a broad-based sell-off led by tech stocks. This followed losses in New York, as US Federal Reserve Chairman Jerome Powell did not signal further rate cuts.

The $S&P/ASX 200 (.XJO.AU)$ had fallen 58.1 points, or 0.66% to 8787.8. The tech sector slipped over 1%, led by $WiseTech Global Ltd (WTC.AU)$'s 1.8% decline, followed by $Xero Ltd (XRO.AU)$ and $Life360 Inc (360.AU)$ down 1.2% each, while $Appen Ltd (APX.AU)$ eased 1.1%.

Commodities

As of the latest data, gold prices down 0.13% to $3,759.11 per ounce, Brent oil prices up 0.37% to $67.88 per barrel, and iron ore prices rose 0.05% to $105.49 per tonne.

Crypto

As of the latest data, $Bitcoin (BTC.CC)$ is priced at $111,888.56, down 0.66% in the past 24 hours, While $Ethereum (ETH.CC)$ is priced at $4,162.75, down 0.99% over the previous 24 hours.

Stocks to Watch

$James Hardie Industries PLC (JHX.AU)$ dropped 3.08% as Citi warned the targets released for next month’s AGM look “materially” below consensus.

$KMD Brands Ltd (KMD.AU)$ climbed 2.38% even after it reported a full-year statutory loss of NZ$93.6 million, as heavy discounting and compressed margins weighed on earnings.

$Deterra Royalties Ltd (DRR.AU)$ climbed 3.9% after reaching a deal to sell its non-core gold offtake assets and its St Ives and Dandoko gold royalties to Vox Royalties for US$60 million (A$91 million).

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