AU Morning Wrap: Banks, miners tumble; Afterpay-owner Block plunges 7.5%
G'day, mooers! Check out the latest news on today's stock market!
• Dow closed below 30000 as post-Fed rally reversed
• Australian shares tumbled on Friday, ASX 200 down 2.31 per cent
• Stocks to watch: Humm, Link, Bubs
- moomoo News AU
Wall Street Summary
US stocks erased Wednesday night's bounce as fleeting optimism about tackling inflation gave way to worries that aggressive rate increases will stall the economy. Weak economic data underlined the danger. Rate hikes in Britain and Switzerland highlighted the global scale of the inflation challenge.
The $Dow Jones Industrial Average (.DJI.US)$ skidded 741 points or 2.42 per cent, closing below 30,000 for the first time since January 2021. The $S&P 500 Index (.SPX.US)$ fell 123 points or 3.25 per cent to its sixth loss in seven sessions. The $Nasdaq Composite Index (.IXIC.US)$ dived 453 points or 4.08 per cent.
AU Market Watch
Australia's S&P/ASX 200 is set to drop again at the open after U.S. indexes dropped sharply amid declines by rate-sensitive tech stocks. ASX futures are down by 2.1% amid continuing investor worries over the prospect of economic downturns in Australia and elsewhere, suggesting the benchmark will add to the 4.9% it has lost already this week. The ASX 200 has fallen 7.4% across five straight losses. It hasn't recorded six consecutive reverses since February 2020.
Australian shares opened lower this morning. The $S&P/ASX 200 (.XJO.AU)$ lost 2.31 per cent to 6439 as of 10:18 am.
US stocks erased Wednesday night's bounce as fleeting optimism about tackling inflation gave way to worries that aggressive rate increases will stall the economy. Weak economic data underlined the danger. Rate hikes in Britain and Switzerland highlighted the global scale of the inflation challenge.
The $Dow Jones Industrial Average (.DJI.US)$ skidded 741 points or 2.42 per cent, closing below 30,000 for the first time since January 2021. The $S&P 500 Index (.SPX.US)$ fell 123 points or 3.25 per cent to its sixth loss in seven sessions. The $Nasdaq Composite Index (.IXIC.US)$ dived 453 points or 4.08 per cent.
AU Market Watch
Australia's S&P/ASX 200 is set to drop again at the open after U.S. indexes dropped sharply amid declines by rate-sensitive tech stocks. ASX futures are down by 2.1% amid continuing investor worries over the prospect of economic downturns in Australia and elsewhere, suggesting the benchmark will add to the 4.9% it has lost already this week. The ASX 200 has fallen 7.4% across five straight losses. It hasn't recorded six consecutive reverses since February 2020.
Australian shares opened lower this morning. The $S&P/ASX 200 (.XJO.AU)$ lost 2.31 per cent to 6439 as of 10:18 am.
Stocks to Watch
$BUBS Australia Ltd (BUB.AU)$: Infant formula and dairy company Bubs Australia has materially upgraded its fiscal revenue and earnings expectations amid strong demand in China and chronic shortages of formula supplies in the US. In February, the company guided for modest growth on the first half's $38.5 million in gross revenue and $1.2 million underlying EBITDA.
$Humm Group Ltd (HUM.AU)$: Latitude Financial and Humm have mutually agreed to terminate the proposed sale of the latter's consumer finance business citing major disruption in financial markets.
$Link Administration Holdings Ltd (LNK.AU)$: Link Group has affirmed the 2022 financial year guidance it provided in February following elevated trading in its shares over the past week.
Ex-dividend: $Virtus Health Ltd (VRT.AU)$
Dividends Paid: $Nufarm Ltd (NUF.AU)$, $Pengana Capital Group Ltd (PCG.AU)$, $Technology One Ltd (TNE.AU)$, $United Malt Group Ltd (UMG.AU)$, $WAM Capital Ltd (WAM.AU)$
Commodities
• Iron ore prices futures are on a 7-day losing streak.
• Oil remains steady after a small pullback below US$120.
• Gold reclaimed the US$1,850 level as investors rushed back to safe havens. It's surprising to see gold rally in the face of a strong US dollar.
Source: Dow Jones Newswires, AFR
$BUBS Australia Ltd (BUB.AU)$: Infant formula and dairy company Bubs Australia has materially upgraded its fiscal revenue and earnings expectations amid strong demand in China and chronic shortages of formula supplies in the US. In February, the company guided for modest growth on the first half's $38.5 million in gross revenue and $1.2 million underlying EBITDA.
$Humm Group Ltd (HUM.AU)$: Latitude Financial and Humm have mutually agreed to terminate the proposed sale of the latter's consumer finance business citing major disruption in financial markets.
$Link Administration Holdings Ltd (LNK.AU)$: Link Group has affirmed the 2022 financial year guidance it provided in February following elevated trading in its shares over the past week.
Ex-dividend: $Virtus Health Ltd (VRT.AU)$
Dividends Paid: $Nufarm Ltd (NUF.AU)$, $Pengana Capital Group Ltd (PCG.AU)$, $Technology One Ltd (TNE.AU)$, $United Malt Group Ltd (UMG.AU)$, $WAM Capital Ltd (WAM.AU)$
Commodities
• Iron ore prices futures are on a 7-day losing streak.
• Oil remains steady after a small pullback below US$120.
• Gold reclaimed the US$1,850 level as investors rushed back to safe havens. It's surprising to see gold rally in the face of a strong US dollar.
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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