AU Morning Wrap: ASX falls sharply in early trade, led by utilities
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• Wall St dipped as interest rate worries return, Fed kicked off 'QT'
• Australian shares opened lower on Thursday, ASX 200 down 0.87 per cent
• Stocks to watch: BHP, Bubs, Pro Medicus
- moomoo News AU
Wall Street Summary
US stocks finished lower in choppy trade as investors prepared for higher rates to slow the economy and crimp corporate profits.
The $S&P 500 Index (.SPX.US)$ dropped 31 points or 0.75 per cent. The $Dow Jones Industrial Average (.DJI.US)$ finished 177 points or 0.54 per cent in the red after being up as much as 280 points and down 400 points. The $Nasdaq Composite Index (.IXIC.US)$ lost 87 points or 0.72 per cent
AU Market Watch
Australia's S&P/ASX 200 seems likely to follow U.S. stocks lower at the open, potentially giving back the gains made in the prior session's late surge. ASX futures are down by 0.8% after U.S. stocks turned around mid-session to open the month lower.
Australian shares opened lower this morning. The $S&P/ASX 200 (.XJO.AU)$ lost 0.87 per cent to 7171 as of 10:14 am.
US stocks finished lower in choppy trade as investors prepared for higher rates to slow the economy and crimp corporate profits.
The $S&P 500 Index (.SPX.US)$ dropped 31 points or 0.75 per cent. The $Dow Jones Industrial Average (.DJI.US)$ finished 177 points or 0.54 per cent in the red after being up as much as 280 points and down 400 points. The $Nasdaq Composite Index (.IXIC.US)$ lost 87 points or 0.72 per cent
AU Market Watch
Australia's S&P/ASX 200 seems likely to follow U.S. stocks lower at the open, potentially giving back the gains made in the prior session's late surge. ASX futures are down by 0.8% after U.S. stocks turned around mid-session to open the month lower.
Australian shares opened lower this morning. The $S&P/ASX 200 (.XJO.AU)$ lost 0.87 per cent to 7171 as of 10:14 am.
Stocks to Watch
$BHP Group Ltd (BHP.AU)$: S&P said it cut its rating on BHP Group to "A-", from "A" after the completion of the $Woodside Energy Group Ltd (WDS.AU)$ merger because of a slightly less robust financial profile than its immediate peers, $Rio Tinto (RIO.US)$ and Glencore.
$BUBS Australia Ltd (BUB.AU)$: Melbourne-based baby formula company Bubs Australia will start its first shipments of infant formula to the US on June 9 and 11.
$Pro Medicus Ltd (PME.AU)$: Imaging company Pro Medicus announced its wholly owned US subsidiary, Visage Imaging, has signed a $28 million seven-year contract with Minneapolis-based not-for-profit health care entity Allina Health.
Ex-Dividend: $Technology One Ltd (TNE.AU)$
Commodities
• Iron ore prices were stable, little was changed in downstream demand and buyers were mostly in wait-and-see positions, sources told Fastmarkets.
• Oil rallied and then gave back gains. OPEC+ is planning to suspend Russia from its quota system due the EU embargo and sanctions.
• Gold is holding up pretty well even as the US dollar and Treasury yields rebound.
Source: Dow Jones Newswires, AFR
$BHP Group Ltd (BHP.AU)$: S&P said it cut its rating on BHP Group to "A-", from "A" after the completion of the $Woodside Energy Group Ltd (WDS.AU)$ merger because of a slightly less robust financial profile than its immediate peers, $Rio Tinto (RIO.US)$ and Glencore.
$BUBS Australia Ltd (BUB.AU)$: Melbourne-based baby formula company Bubs Australia will start its first shipments of infant formula to the US on June 9 and 11.
$Pro Medicus Ltd (PME.AU)$: Imaging company Pro Medicus announced its wholly owned US subsidiary, Visage Imaging, has signed a $28 million seven-year contract with Minneapolis-based not-for-profit health care entity Allina Health.
Ex-Dividend: $Technology One Ltd (TNE.AU)$
Commodities
• Iron ore prices were stable, little was changed in downstream demand and buyers were mostly in wait-and-see positions, sources told Fastmarkets.
• Oil rallied and then gave back gains. OPEC+ is planning to suspend Russia from its quota system due the EU embargo and sanctions.
• Gold is holding up pretty well even as the US dollar and Treasury yields rebound.
Source: Dow Jones Newswires, AFR
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