AU Morning Wrap: Banks Drag ASX Down; Iron Ore Miners Rebound

Moomoo News AU wrote a column · Mar 13 18:33

G'day, mooers! Check out the latest news on today's stock market!
• S&P 500 retreats from record high
• Banks drag ASX down; Iron ore miners rebound
• Stocks to watch: Myer, Appen

AU Morning Wrap: Banks Drag ASX Down; Iron Ore Miners Rebound

Wall Street Summary

On Wednesday, the US stock market experienced mixed results as some tech giants saw their stocks retreat, causing the $S&P 500 Index(.SPX.US)$'s record-setting run to pause.

The S&P 500 index decreased by about 0.2%, while the $Dow Jones Industrial Average(.DJI.US)$ rose by 0.1%. The $Nasdaq Composite Index(.IXIC.US)$, which is heavily focused on tech stocks, led the losses by falling over 0.5% after a rally on Tuesday. Several high-performing tech companies, including $NVIDIA(NVDA.US)$ and $Tesla(TSLA.US)$, saw their stocks decline, with Tesla experiencing a significant drop of over 4.5% due to a downgrade by Wells Fargo and a sales warning.

AU Market Watch

At the start of trading, the Australian stock market is experiencing a decline as the drop in the country's four largest banks outweighs the increase in iron ore miners, which have rebounded from their three-month low earlier this week.

The financial sector is being affected by the big four banks, which were downgraded by investment firm Macquarie overnight. The recent downgrades to the big four banks follow a surge in their stock prices to multi-year highs last week, which contributed to the stock market reaching a new record high on Friday.

Stocks to Watch

$Myer Holdings Ltd(MYR.AU)$, the department store chain, has named Olivia Wirth, a former Qantas executive, as its new Executive Chairwoman, as Ari Mervis departs the role after only four months.

Innodata, a New Jersey-based company, has retracted its $154 million bid for $Appen Ltd(APX.AU)$, which is listed on the Australian Securities Exchange. This came after Appen revealed that it had received a confidential takeover offer.