AU Morning Wrap: ASX Slips; Star Entertainment Tumbles 17%

Moomoo News AU wrote a column · Sep 27, 2023 08:33

G'day, mooers! Check out the latest news on today's stock market!
• Dow marks worst day since March as hedge funds boost bearish bets
• ASX falls; Star Entertainment sinks 17%
• Stocks to watch: Endeavour, Viva Energy, Star Entertainment
- Moomoo News AU

AU Morning Wrap: ASX Slips; Star Entertainment Tumbles 17%

Wall Street Summary

U.S. stocks fell sharply Tuesday, dragged down once again by investor concerns about rising bond yields and a strengthening U.S. dollar.

The $S&P 500 Index (.SPX.US)$ dropped 1.5%, extending its poor run since last week's Federal Reserve meeting, when officials raised their interest-rate forecasts for 2024. The tech-heavy $Nasdaq Composite Index (.IXIC.US)$ shed 1.6%, while the $Dow Jones Industrial Average (.DJI.US)$ slid 388 points, or 1.1%.

AU Market Watch

The Australian sharemarket fell 0.2 per cent at market open on Wednesday following a broad sell-off on Wall Street amid concerns about the strength of the US consumer and the outlook for interest rates.

The benchmark $S&P/ASX 200 (.XJO.AU)$ index was down 14.22 points to 7023.1 ahead of the release of August CPI data at 11:30am AEST.

The interest rate sensitive information technology sector extended its decline from Tuesday and was one of the worst performers. $Life360 Inc (360.AU)$ shed 2.6 per cent, $WiseTech Global Ltd (WTC.AU)$ dropped 0.8 per cent and $Technology One Ltd (TNE.AU)$ lost 1.5 per cent.

Embattled casino operator Star Entertainment was the biggest laggard on the ASX 200 with a drop of 17 per cent.

Liquor chain operator Endeavour dropped 1 per cent. Endeavour's board recommended its shareholders vote against the election of former Myer chairman Bill Wavish as an independent non-executive director.

Stocks to Watch

$The Star Entertainment Group Ltd (SGR.AU)$: Embattled casino operator Star Entertainment has raised $565 million from institutional investors after offering new shares at 60¢ apiece.

$Viva Energy Group Ltd (VEA.AU)$: Viva Energy will rebrand all the Coles Express petrol stations across the country as Reddy Express after buying out the convenience retail business from the supermarket group in September last year.

$Endeavour Group Ltd (EDV.AU)$: The board of liquor chain operator Endeavour has recommended that its shareholders vote against the election of former Myer chairman Bill Wavish as an independent non-executive director.