AU Morning Wrap: ASX Falls, Tracking Wall Street; Energy Stocks Rise
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• The Nasdaq, S&P 500 and Dow fell more than 0.7% Wednesday
• ASX falls; energy stocks rise
- Moomoo News AU
Wall Street Summary
The $S&P 500 Index (.SPX.US)$ fell Wednesday, opening the new year with two consecutive days in the red.
The benchmark index fell 0.8 per cent. The tech-heavy $Nasdaq Composite Index (.IXIC.US)$ dropped 1.2 per cent while the blue-chip $Dow Jones Industrial Average (.DJI.US)$ declined 0.8 per cent, or 285 points. Eight of the 11 sectors within the S&P 500 closed lower. Shares of rate-sensitive megacap stocks including Nvidia, Apple and Tesla finished down.
AU Market Watch
Australian shares opened lower on Thursday, tracking further losses on Wall Street.
The benchmark $S&P/ASX 200 (.XJO.AU)$ slipped 0.2 per cent, or 12.5 points, to 7510.7 at the start of trade, weighed down by technology and real estate stocks.
The Australian dollar traded around US67.23¢ against the US dollar. The greenback rose to a two-week high on Wednesday as investors continued to take profits on short dollar positioning, even as they questioned market expectations that the Federal Reserve will embark on six interest rate cuts in 2024.
In commodities, energy stocks tracked the higher crude oil price. Brent crude rose to near $US78 a barrel as supply disruptions in Libya. $Woodside Energy Group Ltd (WDS.AU)$ rallied 1.6 per cent, $Santos Ltd (STO.AU)$ was up 0.7 per cent and $Ampol Ltd (ALD.AU)$ rose 0.8 per cent.
$Westgold Resources Ltd (WGX.AU)$ dropped 1.4 per cent even as the WA-based miner said it was on track to deliver its production guidance of 245,000 to 265,000 ounces for financial year 2024. The company produced 59,238 ounces of gold in the second quarter with an average sale price of $3041 per ounce.
Source: Dow Jones Newswires, AFR
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