ASX set to dip as Wall Street’s rally runs out of puff

📆 7/08/2024 2:23 PM

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📆 7/08/2024 2:23 PM
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US stocks are subdued after a morning rally gave way to modest declines, but Wall Street is still holding relatively steady compared with its manic swings over the last week.

The S&P 500 was 0.4 per cent lower in afternoon trading after an earlier jump of 1.7 per cent evaporated. The Dow Jones was down 179 points, or 0.5 per cent, and the Nasdaq composite was 0.6 per cent lower. The Australian sharemarket is set to dip, with futures at 5.03am AEST pointing to a lside of 6 points, or 0.1 per cent, at the open. The ASXStocks swung lower as Nvidia, one of Wall Street’s most influential companies, went from a morning gain of 4.

Speaking to business leaders in the northern island of Hokkaido, Shinichi Uchida, deputy governor of the Bank of Japan, acknowledged the recent market turmoil, which was also triggered in part by concerns about the slowing US economy. Japan’s rate hike last week sent the value of the Japanese yen soaring, and the resulting exit of investments by those hedge funds likely slapped turbochargers onto market losses, including the worst drop for the Nikkei 225 since the Black Monday crash of 1987.

Treasury yields tumbled sharply Monday, when fear in the market was spiking and investors were speculating the Federal Reserve could even have to call an emergency meeting to cut interest rates quickly. But they’ve steadied since then.The expectation on Wall Street is for the Fed to cut its main interest rate at its next scheduled meeting next month by either the traditional quarter of a percentage point or the more severe half of a point.

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