AU Morning Wrap: ASX Falls Due to Tech Stocks; Star Drops 5%

Moomoo News AU wrote a column · Apr 14 19:37

G'day, mooers! Check out the latest news on today's stock market!
• S&P 500, Nasdaq Sank
• ASX falls due to tech stocks; Star drops 5%
• Stocks to watch: The Star Entertainment Group

AU Morning Wrap: ASX Falls Due to Tech Stocks; Star Drops 5%

Wall Street Summary

The $Dow Jones Industrial Average(.DJI.US)$ shed some 500 points and the and $S&P 500 Index(.SPX.US)$and $Nasdaq Composite Index(.IXIC.US)$ both fell more than 1% Friday as Dow components JPMorgan Chase and Intel dragged the market lower.

The $Dow Jones Industrial Average(.DJI.US)$ shed 470.78 points (1.2%) to a preliminary 37988.3 closer, while the $S&P 500 Index(.SPX.US)$ gave up 75.46 ticks (1.5%) to a tentative 5,123.6 finish. Meanwhile, the $Nasdaq Composite Index(.IXIC.US)$ -- which hit an all-time high close Thursday -- pulled back 267.1 points (1.6%) to a preliminary 16,175.09.

AU Market Watch

Concerns that the conflict in the Middle East could escalate into a regional war had an impact on oil prices, posing a new threat to global inflation and disappointing investors who had hoped for interest rate relief this year.

The $S&P/ASX 200(.XJO.AU)$ Index, the benchmark index in Australia, opened lower by 0.4%, or 31.4 points, at 7756.7, with technology stocks that are sensitive to interest rates leading the decline. This was an extension of the 1.6% fall from the previous week, which was attributed to rising geopolitical tensions and increasing bond yields.

Stocks to Watch

$The Star Entertainment Group Ltd(SGR.AU)$, a troubled casino operator, fell by 5%, making it one of the worst-performing companies in the ASX 200 index. The company is awaiting the results of a second public inquiry into its Sydney operation, and this uncertainty has contributed to the decline in its stock price.