AU Morning Wrap: KAR Falls After Lowering Its Guidance for Total Production in 2024; Tech Stocks Slip
G'day, mooers! Check out the latest news on today's stock market!
• Wall Street drop
• KAR, tech stocks fall
• Stocks to watch: Karoon Energy, WiseTech, Xero
Wall Street Summary
Indexes closed a little higher but trended downward for the fifth session in a row. U.S. Treasury yields climbed for a second day, finishing at nearly at 5%.
The $S&P 500 Index traded -0.22%. The $Dow Jones Industrial Average climbed about 0.06%, and the $Nasdaq Composite Index fell 0.52%. Thursday, the $U.S. 10-Year Treasury Notes Yield(US10Y.BD)$ dropped to 4.61, down 0.44%, and the $U.S. 2-Year Treasury Notes Yield(US2Y.BD)$ dropped to 4.97, down 0.21%.
AU Market Watch
The $S&P/ASX 200 (.XJO.AU)$ lost 1 per cent at the open to 7568.3 points at its lowest level since February 14, when it closed at 7547.7 points.
The interest rate sensitive technology and real estate sectors are the worst performers down 1.4 per cent and 1.3 per cent, respectively. The Australian dollar is down 0.1 per cent to buy $US64.2¢.
US jobless figures held steady overnight, adding to the week’s positive reports on the world's biggest economy.
Federal Reserve members continued to suggest there is no urgency to cut rates," National Australia Bank said. "The S&P 500 dropped for a fifth straight session, its longest losing run since October, but by a more modest 0.2 per cent on the day."
On fixed income markets, Australian and US government bond traders sold bonds and demanded higher yields to compensate them for the risk inflation remains higher for longer.
The yield on 10-year Australian government bonds added 9 basis points to 4.39 per cent. US 10-year treasury yields climbed 6 basis points to 4.64 per cent.
Treasuries fell across the curve as Fed speakers supported the view that interest rates will be higher for longer," said ANZ Bank.
Commodity
Spot gold +0.8% to $US2379.80/oz at 4.16pm in New York
Brent crude -0.2% to $US87.07 a barrel
Iron ore +1.0% to $US116.55 a tonne
Crypto
As of latest data, $Bitcoin (BTC.CC)$ is priced at $63468, down 0.04% in the past 24 hours, while $Ethereum (ETH.CC)$ is priced at $3064, down 0.16% in the past 24 hours.
Stocks to Watch
$Karoon Energy Ltd (KAR.AU)$ lost 6.5 per cent to $2.53 in early trade after the Brazilian oil producer lowered its guidance for total production in financial 2024.
Shares in enterprise technology $WiseTech Global Ltd (WTC.AU)$ and $Xero Ltd (XRO.AU)$ are both down around 2 per cent as investors price in rising long-term risk free rates.
Economic Calendar (AEST):
9:30 am:Japan Inflation (Mar)
4:00 pm: UK Retail Sales (Mar)
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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