1 October we become SureStone CapitalSame team, same ABN. Our website and email addresses move to surestone.com.au.
Preparing video
The local market is set to open slightly lower with ASX futures off by just 7 points. This comes as tech and consumer discretionary stocks led the losses on Wall Street with all three major US indices sliding on concerns of stretched valuations, particularly in AI related momentum shares.
Among the megacap tech stocks, Nvidia extended its five-day losing streak to near 8%. Tesla also fell ahead of results of the shareholder vote on Elon Musk’s $US1 trillion pay package. Shares of chipmaker Qualcomm dropped after warning that its chips may not be as dominant as before in future Samsung gadgets.
US-based employers cut more than 150,000 jobs in October, a rise of 180%, the largest monthly reduction in more than 20 years according to global outplacement firm Challenger, Gray & Christmas. Meanwhile, the US government shutdown has extended into a record 37th day, with tonight’s closely watched nonfarm payroll report expected to be postponed.
The US dollar is down 0.5% on the day, whilst the Australian dollar is back below 65 cents at US64.8 cents.
