AU Morning Wrap: ASX Extends Decline; Iron Ore and Real Estate Fall
G'day, mooers! Check out the latest news on today's stock market!
• Wall Street fell again
• ASX extends decline; Iron ore and real estate fall
• Stocks to watch: Digital X, South32, Mineral Resourses
Wall Street Summary
Stocks fell Friday, wiping out the weekly gains, weighed down by a sell-off in tech stocks that just recently propelled the major equity indexes to records. The bulls are retreating ahead of the US Federal Reserve meeting where policy makers are expected to release their latest projections on the path of interest rates.
The tech-heavy $Nasdaq Composite Index (.IXIC.US)$ sustained the biggest blow, declining almost 1% to 15,973.17 as $NVIDIA (NVDA.US)$ failed to hold on to gains. The $S&P 500 Index (.SPX.US)$ fell 0.65% to 5,117.09 while $Dow Jones Industrial Average (.DJI.US)$ lost 0.5% to end Friday at 38,714.77.
AU Market Watch
This morning, the Australian stock market has seen a decline at the beginning of trading, following a 2.2% loss last week. The real estate sector is currently the worst performing, experiencing a 1.5% decrease in anticipation of several central bank decisions this week, including from the US Federal Reserve, Bank of Japan, and Bank of England.
The Reserve Bank of Australia is set to begin its two-day meeting today, leading up to the latest cash rate decision tomorrow. It is expected that the central bank will maintain current rates. Although the first rate cut from the RBA is being priced in for September, traders have lowered their expectations of further rate increases from the central bank.
Stocks to Watch
$Digital X Ltd (DCC.AU)$, a Bitcoin fund manager, has successfully raised $5.3 million from investors, exceeding its initial target of $3 million from last week.
Operations have been temporarily halted at $South32 Ltd (S32.AU)$'s manganese mine on Groote Eylandt due to damage caused by Tropical Cyclone Megan.
$Mineral Resources Ltd (MIN.AU)$ has announced its plans to acquire the Lake Johnston nickel concentrator plant and tenure in Western Australia from fellow ASX-lister Poseidon Nickel. This news has resulted in a 0.7% increase in Mineral Resources' shares, which are currently valued at $66.38.
Dividends Paid: None
Listing: None
Economic Calendar (AEDT):
1:00 pm: China Industrial Production (Jan-Feb)
1:00 pm: China Retail Sales (Jan-Feb)
1:00 pm: China Fixed Asset Investment (Jan-Feb)
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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