AU Morning Wrap: ASX Drops Following Record Highs

Moomoo News AU wrote a column · Mar 10 18:38

G'day, mooers! Check out the latest news on today's stock market!
• Nvidia shares pull back, dragging US stock market lower
• ASX drops following record highs
• Stocks to watch: Worley

AU Morning Wrap: ASX Drops Following Record Highs

Wall Street Summary

The stock market rally paused as investors debate whether shares have climbed too far too fast and are now at frothy levels. Another point of contention was whether the recent uptick in unemployment in February could be a signal the labor market is now cooling enough to convince the Federal Reserve to start cutting interest rates.

The tech-heavy $Nasdaq Composite Index(.IXIC.US)$ lost 1.16% to 16,085.11, while the $S&P 500 Index(.SPX.US)$ slipped 0.65% to 5,123.69. The $Dow Jones Industrial Average(.DJI.US)$ slid 0.2% to 16,085.

AU Market Watch

Australian shares are poised for a softer start on Monday, coming off a week where the market closed at an all-time high. The $S&P/ASX 200(.XJO.AU)$ has set new intraday records on six occasions throughout the year.

Leading gold producers on the ASX are poised to build on the significant gains achieved last week as trading commences this morning, with the ongoing rise in the price of gold potentially nearing the unprecedented level of $2200 per ounce over the weekend. This uptrend in bullion prices is likely to positively influence the performance of gold mining stocks on the Australian market.

Stocks to Watch

The international engineering firm $Worley Ltd(WOR.AU)$ has secured a professional services contract with energy giant Shell. Under the terms of the contract, Worley is set to deliver a range of services, including design, procurement, and construction management support. The scope of work will also encompass the integration of various associated assets, which may include offshore wind installations, pipeline infrastructure, electrical grids, and refinery operations. This deal represents a strategic collaboration for Worley, aligning with the trend of integrating renewable energy sources with traditional energy assets.