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AU Morning Wrap: ASX Tilts Lower as Tech Sinks
G'day, mooers! Check out the latest news on today's stock market!
• S&P 500 snaps 5-day win streak
• ASX tilts lower as tech sinks
• Stocks to watch: Origin, Healius, Lovisa
- Moomoo News AU
Wall Street Summary
Artificial intelligence powered the stock market for much of the year. Now it is testing U.S. stocks' November rally.
The $S&P 500 Index (.SPX.US)$ slipped 0.2 per cent. The $Dow Jones Industrial Average (.DJI.US)$ fell 0.2 per cent, or 63 points. The tech-heavy $Nasdaq Composite Index (.IXIC.US)$ led the losses, sliding 0.6 per cent.
AU Market Watch
Australian shares are tilting lower, largely due to a fall in tech stocks following results from rock star chipmaker Nvidia in the US.
The $S&P/ASX 200 (.XJO.AU)$ is 6 points, or 0.1 per cent lower, at 7080. The All Ordinaries is also 0.1 per cent lower.
Tech stocks are 1.4 per cent lower despite Nvidia's results blasting past analyst expectations. The Nasdaq-listed stock has fluctuated in after-hours trade. It appears the company's Q4 growth outlook failed to meet the lofty expectations of investors betting on the AI boom.
Utilities are the best performing, buoyed by a 1.3 per cent gain in takeover target $Origin Energy Ltd (ORG.AU)$, as shareholders await the outcome of the buyout vote.
Stocks to Watch
$Healius Ltd (HLS.AU)$: Healius is down 31 per cent to $1.26 after completing a $154 million share offer priced at $1.20 apiece.
$Ebos Group Ltd (EBO.AU)$: Trans-Tasman pharma distributor EBOS' $3.75 billion deal to acquire TPG Capital-backed pets and vets business Greencross has fallen through. Shares have slipped 3.5 per cent to $33.78.
$BUBS Australia Ltd (BUB.AU)$: Infant formula group Bubs has halted its shares ahead of plans to raise capital to fund its US expansion. Shares will be halted until November 24.
$Lovisa Holdings Ltd (LOV.AU)$: Teen jewellery retailer Lovisa is 4.3 per cent lower at $17.48 after recording declining sales on a per store in the first half of FY24.
Listing: None
Economic Calendar (AEST):
7:35 pm: RBA Bullock Speech
12:30 am: US Durable Goods Orders
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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