Wall Street has ended its first day back from Easter with mixed results as the number of COVID-19 infections and deaths continue to rise in the United States.
Market snapshot at 7:45am (AEDT):
- ASX SPI futures +0.8pcpc at 5,442, ASX 200 (Thursday’s close) +3.5pc at 5,387
- AUD: 63.77 US cents, 50.97 British pence, 58.46 Euro cents, 68.72 Japanese yen, $NZ1.048
- US: Dow Jones -1.4pc at 22,391, S&P 500 -1pc at 2,762, Nasdaq +0.5pc at 8,192
- Europe: (closed for Easter long weekend)
- Commodities: Brent crude +1.5pc at $US31.94/barrel, spot gold +1.5pc at $US1,714.07/ounce, iron ore +1pc at $US85.60/tonne
America’s big banks will unveil their first-quarter results this week, and it is expected to be a painful start to the earnings season due to the pandemic, particularly given the widespread business lockdowns and a surge in unemployment.
The tech-heavy Nasdaq lifted by 0.5 per cent, while the benchmark S&P 500 fell by 1 per cent.
The Dow Jones Industrial Average dropped 329 points, or 1.4 per cent, to 23,391.
“The market wants to find confidence in some of the recent developments, but I still think it’s going to be a very long slog,” said Gennadiy Goldberg, senior rates strategist at TD Securities in New York.
European markets were closed.
Meanwhile, Australian shares could start their first day back from the long weekend on a high note.
ASX futures rose by 43 points, but that was when it last traded on Thursday.
The Australian market is more likely to follow the pessimistic lead from the US, and begin its day lower.
The Australian dollar has lifted to 63.8 US cents.
Spot gold jumped to a seven-year high of $US1,714 an ounce.
Oil markets were mixed with Brent crude rising 1.1 per cent to $US31.83 a barrel.
However, West Texas crude dropped 1.5 per cent to $US22.42 a barrel.
The fall was despite OPEC and the world’s major oil producing nations agreeing on Sunday to cut oil production by a record 9.7 million barrels per day.
More to come.
- Dow Jones sinks 700 points as U.S. stocks see worst loss in 6 months
- Dow Jones falls more than 800 points as tech companies drop
- Dow Jones falls more than 500 points on 6th day of losses
- Stocks Suffer Their Worst Day Since June As Dow Plunges 800-Plus Points
- Dow Jones industrials sink more than 800 points as bond yields rise
- Tech companies lead another steep sell-off in US stocks; Dow falls 608 points
- Dow Jones drops another 545 Stocks plunge again on wide selling;
- Dow Jones Futures Rally As These 5 Stocks Are Big Movers On Earnings
- Dow falls 600+ points as tech companies lead another steep sell-off in U.S. stocks
- Dow drops nearly 550 points Thursday
- Dow Jones industrials sink 500 points as bond yields rise
- Dow Jones industrials sink 700 points as bond yields rise
- Dow Jones Industrial sinks more than 800 points as bond yields rise
- Dow Jones industrials sink 831 points, worst loss in eight months
- Dow industrials down 831 points as tech companies plunge
- Dow drops: Stock market falls 800 points, hurt by rate fears, tech
- Dow slides another 546 points
- Dow Futures Fall As Jobs Report Looms; Elon Musk Smokes Pot In Interview, Tesla Takes A Hit
- Apple Leads 4 Dow Stocks Signaling Rare Strength Amid Market Correction
- Stocks fall sharply as tech leads sell-off
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