AU Morning Wrap: ASX Slips as Miners Sell off; RBA Expected to Hold

Moomoo News AU wrote a column · Dec 4, 2023 17:48

G'day, mooers! Check out the latest news on today's stock market!
• S&P 500 wobbles
• ASX slips as miners sell off
• Stocks to watch: Capricorn Metals, Origin Energy, Life360
- Moomoo News AU

AU Morning Wrap: ASX Slips as Miners Sell off; RBA Expected to Hold

Wall Street Summary

Stocks, bonds and precious metals retreated Monday, reversing course after markets last week extended a monthlong stretch of gains.

Higher bond yields weighed on shares of large technology companies, pressuring the broader stock market. The tech-focused $Nasdaq Composite Index(.IXIC.US)$ lost 0.8 per cent, and the benchmark $S&P 500 Index(.SPX.US)$ dropped 0.5 per cent. The $Dow Jones Industrial Average(.DJI.US)$ slipped 0.1 per cent, or 41 points, snapping a four-day win streak.

AU Market Watch

Australian shares are tilting lower, tracking a dip on Wall Street after the recent strong rally prompted investors to take profit in the mega cap tech stocks and as bond yields reversed.

The $S&P/ASX 200(.XJO.AU)$ is 36 points, or 0.5 per cent lower, at 7088.4. The All Ordinaries is also 0.5 per cent lower.

Materials are the worst hit, down 1.8 per cent. Iron ore miners, $BHP Group Ltd(BHP.AU)$, $Rio Tinto Ltd(RIO.AU)$ and $Fortescue Ltd(FMG.AU)$ have all dipped more than 1.5 per cent. Gold and lithium stocks are also lower, tracking declines in commodity prices.

Energy stocks are also dragging the index lower following a fall in the price of oil.

Stocks to Watch

$Capricorn Metals Ltd(CMM.AU)$: Capricorn Metals has fallen 6.8 per cent to $4.53 after directors Mark Clark and Mark Okeby sold 5 million and 2 million shares, respectively.

$Origin Energy Ltd(ORG.AU)$: Origin Energy has slipped 1 per cent to $7.78. Yesterday, shareholders rejected a takeover proposal by Brookfield and EIG was rejected by shareholders.

$Evolution Mining Ltd(EVN.AU)$: Evolution Mining has halted its shares ahead of a $525 million share placement to fund an 80 per cent stake in New South Wales gold and copper mine Northparkes. Shares last traded at $4.14.

$Life360 Inc(360.AU)$: Life360 has slipped 3.7 per cent to $7.49 after co-founder and CEO Chris Hulls sold a $US4 million parcel of shares, citing tax obligations.