ASX 200 dives after poor US Treasury auction causes major indexes on Wall Street to record their worst day in a month
The ASX 200 has dived 0.6 per cent after a wipeout on Wall Street triggered by lacklustre demand for US assets, sparking major concerns over the world's largest economy.
The drop follows the ASX 200 climbing more than six per cent over the past month as stocks continue to recover from the shock of Donald Trump's 'Liberation Day' announcement.
The index is up about 14 per cent from its six-month low on April 7 but remains about 2.6 per cent off its record high in February.
It fell 0.6 per cent in the first 30 minutes of trading with financial service company Zip falling 6.3 per cent, agricultural chemical company Nufarm down 5.3 per cent and tech company Block down 3.3 per cent.
The drop follows a wipeout on Wall Street after a poor US Treasury auction sparked concern about the security of American assets.
Major US indexes recorded their worst day in a month with the tech heavy Nasdaq diving 1.4 per cent, the S&P 500 plunging 1.6 per cent and the Dow Jones falling 1.9 per cent on Wednesday.
It was a mixed bag in Europe as London's FTSE 250 Index sank 0.7 per cent while Germany's DAX rose 0.3 per cent and the EURO STOXX 50 Index finished flat.
New Zealand's NZX 50 Index is down about 0.6 per cent since it began trading on Thursday while Japan's Nikkei 225 is down 0.8 per cent.
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The Advertiser
35 minutes ago
- The Advertiser
Wall St gains as tech boost offsets economic worries
US stocks have edged higher as strength in technology shares offset declines driven by weak economic data that deepened concerns about the effects of trade policies from US President Donald Trump's administration. The US services sector contracted for the first time in nearly a year in May while businesses paid higher input prices, a reminder that the economy was still at risk of experiencing a period of very slow growth and high inflation. The ADP National Employment Report showed US private employers added the fewest number of workers in more than two years in May. Investors are awaiting Friday's non-farm payrolls data for more signs on how trade uncertainty is affecting the US labour market. "I think you get very short term volatility from the ADP number but I don't think that it means that much until we see the payrolls number," said Larry Tentarelli, chief technical strategist at Blue Chip Daily Trend Report. The United States doubled tariffs on imported steel and aluminium to 50 per cent on Wednesday, the same day by which Trump wanted trading partners to make their best offers to avoid other punishing import levies from taking effect in early July. Investor focus is squarely on tariff negotiations between the US and its trading partners, with Trump and Chinese leader Xi Jinping expected to speak sometime this week as tensions simmer between governments of the world's two biggest economies. May was the best month for the S&P 500 index and the tech-heavy Nasdaq since November 2023, thanks to a softening of Trump's harsh trade stance and upbeat earnings reports. The S&P 500 remains less than 3.0 per cent away from its record highs touched in February. Barclays joined a slew of other brokerages in raising its year-end price target for the S&P 500, pointing to easing trade uncertainty and expectations of normalised earnings growth in 2026. In early trading on Wednesdsay, the Dow Jones Industrial Average rose 88.09 points, or 0.20 per cent, to 42,605.07, the S&P 500 gained 17.36 points, or 0.29 per cent, to 5,987.73 and the Nasdaq Composite gained 58.41 points, or 0.31 per cent, to 19,459.09. Eight of the 11 major S&P 500 sub-sectors rose, led by communication services with a 1.2 per cent rise, while information technology stocks gained 0.4 per cent. Shares of Hewlett Packard Enterprise rose 1.1 per cent as demand for the company's artificial-intelligence servers and hybrid cloud segment helped it beat estimates for second-quarter revenue and profit. GlobalFoundries rose 2.2 per cent after the chip manufacturer announced plans to increase its investments to $US16 billion ($A25 billion). Tesla dropped 3.8 per cent as the electric-vehicle maker's sales slipped for the fifth straight month in big European markets. Wells Fargo shares rose 1.2 per cent after the US Federal Reserve removed a $US1.95 trillion asset cap imposed in 2018 following years of missteps. Shares of cybersecurity firm CrowdStrike slumped 4.7 per cent after it forecast quarterly revenue below estimates. Dollar Tree fell 10.2 per cent after the discount store operator forecast second-quarter adjusted profit would be as much as 50 per cent lower than a year ago due to tariff-driven volatility. Advancing issues outnumbered decliners by a 2.02-to-1 ratio on the NYSE and by a 1.41-to-1 ratio on the Nasdaq. The S&P 500 posted 19 new 52-week highs and no new lows while the Nasdaq Composite recorded 63 new highs and 23 new lows. US stocks have edged higher as strength in technology shares offset declines driven by weak economic data that deepened concerns about the effects of trade policies from US President Donald Trump's administration. The US services sector contracted for the first time in nearly a year in May while businesses paid higher input prices, a reminder that the economy was still at risk of experiencing a period of very slow growth and high inflation. The ADP National Employment Report showed US private employers added the fewest number of workers in more than two years in May. Investors are awaiting Friday's non-farm payrolls data for more signs on how trade uncertainty is affecting the US labour market. "I think you get very short term volatility from the ADP number but I don't think that it means that much until we see the payrolls number," said Larry Tentarelli, chief technical strategist at Blue Chip Daily Trend Report. The United States doubled tariffs on imported steel and aluminium to 50 per cent on Wednesday, the same day by which Trump wanted trading partners to make their best offers to avoid other punishing import levies from taking effect in early July. Investor focus is squarely on tariff negotiations between the US and its trading partners, with Trump and Chinese leader Xi Jinping expected to speak sometime this week as tensions simmer between governments of the world's two biggest economies. May was the best month for the S&P 500 index and the tech-heavy Nasdaq since November 2023, thanks to a softening of Trump's harsh trade stance and upbeat earnings reports. The S&P 500 remains less than 3.0 per cent away from its record highs touched in February. Barclays joined a slew of other brokerages in raising its year-end price target for the S&P 500, pointing to easing trade uncertainty and expectations of normalised earnings growth in 2026. In early trading on Wednesdsay, the Dow Jones Industrial Average rose 88.09 points, or 0.20 per cent, to 42,605.07, the S&P 500 gained 17.36 points, or 0.29 per cent, to 5,987.73 and the Nasdaq Composite gained 58.41 points, or 0.31 per cent, to 19,459.09. Eight of the 11 major S&P 500 sub-sectors rose, led by communication services with a 1.2 per cent rise, while information technology stocks gained 0.4 per cent. Shares of Hewlett Packard Enterprise rose 1.1 per cent as demand for the company's artificial-intelligence servers and hybrid cloud segment helped it beat estimates for second-quarter revenue and profit. GlobalFoundries rose 2.2 per cent after the chip manufacturer announced plans to increase its investments to $US16 billion ($A25 billion). Tesla dropped 3.8 per cent as the electric-vehicle maker's sales slipped for the fifth straight month in big European markets. Wells Fargo shares rose 1.2 per cent after the US Federal Reserve removed a $US1.95 trillion asset cap imposed in 2018 following years of missteps. Shares of cybersecurity firm CrowdStrike slumped 4.7 per cent after it forecast quarterly revenue below estimates. Dollar Tree fell 10.2 per cent after the discount store operator forecast second-quarter adjusted profit would be as much as 50 per cent lower than a year ago due to tariff-driven volatility. Advancing issues outnumbered decliners by a 2.02-to-1 ratio on the NYSE and by a 1.41-to-1 ratio on the Nasdaq. The S&P 500 posted 19 new 52-week highs and no new lows while the Nasdaq Composite recorded 63 new highs and 23 new lows. US stocks have edged higher as strength in technology shares offset declines driven by weak economic data that deepened concerns about the effects of trade policies from US President Donald Trump's administration. The US services sector contracted for the first time in nearly a year in May while businesses paid higher input prices, a reminder that the economy was still at risk of experiencing a period of very slow growth and high inflation. The ADP National Employment Report showed US private employers added the fewest number of workers in more than two years in May. Investors are awaiting Friday's non-farm payrolls data for more signs on how trade uncertainty is affecting the US labour market. "I think you get very short term volatility from the ADP number but I don't think that it means that much until we see the payrolls number," said Larry Tentarelli, chief technical strategist at Blue Chip Daily Trend Report. The United States doubled tariffs on imported steel and aluminium to 50 per cent on Wednesday, the same day by which Trump wanted trading partners to make their best offers to avoid other punishing import levies from taking effect in early July. Investor focus is squarely on tariff negotiations between the US and its trading partners, with Trump and Chinese leader Xi Jinping expected to speak sometime this week as tensions simmer between governments of the world's two biggest economies. May was the best month for the S&P 500 index and the tech-heavy Nasdaq since November 2023, thanks to a softening of Trump's harsh trade stance and upbeat earnings reports. The S&P 500 remains less than 3.0 per cent away from its record highs touched in February. Barclays joined a slew of other brokerages in raising its year-end price target for the S&P 500, pointing to easing trade uncertainty and expectations of normalised earnings growth in 2026. In early trading on Wednesdsay, the Dow Jones Industrial Average rose 88.09 points, or 0.20 per cent, to 42,605.07, the S&P 500 gained 17.36 points, or 0.29 per cent, to 5,987.73 and the Nasdaq Composite gained 58.41 points, or 0.31 per cent, to 19,459.09. Eight of the 11 major S&P 500 sub-sectors rose, led by communication services with a 1.2 per cent rise, while information technology stocks gained 0.4 per cent. Shares of Hewlett Packard Enterprise rose 1.1 per cent as demand for the company's artificial-intelligence servers and hybrid cloud segment helped it beat estimates for second-quarter revenue and profit. GlobalFoundries rose 2.2 per cent after the chip manufacturer announced plans to increase its investments to $US16 billion ($A25 billion). Tesla dropped 3.8 per cent as the electric-vehicle maker's sales slipped for the fifth straight month in big European markets. Wells Fargo shares rose 1.2 per cent after the US Federal Reserve removed a $US1.95 trillion asset cap imposed in 2018 following years of missteps. Shares of cybersecurity firm CrowdStrike slumped 4.7 per cent after it forecast quarterly revenue below estimates. Dollar Tree fell 10.2 per cent after the discount store operator forecast second-quarter adjusted profit would be as much as 50 per cent lower than a year ago due to tariff-driven volatility. Advancing issues outnumbered decliners by a 2.02-to-1 ratio on the NYSE and by a 1.41-to-1 ratio on the Nasdaq. The S&P 500 posted 19 new 52-week highs and no new lows while the Nasdaq Composite recorded 63 new highs and 23 new lows. US stocks have edged higher as strength in technology shares offset declines driven by weak economic data that deepened concerns about the effects of trade policies from US President Donald Trump's administration. The US services sector contracted for the first time in nearly a year in May while businesses paid higher input prices, a reminder that the economy was still at risk of experiencing a period of very slow growth and high inflation. The ADP National Employment Report showed US private employers added the fewest number of workers in more than two years in May. Investors are awaiting Friday's non-farm payrolls data for more signs on how trade uncertainty is affecting the US labour market. "I think you get very short term volatility from the ADP number but I don't think that it means that much until we see the payrolls number," said Larry Tentarelli, chief technical strategist at Blue Chip Daily Trend Report. The United States doubled tariffs on imported steel and aluminium to 50 per cent on Wednesday, the same day by which Trump wanted trading partners to make their best offers to avoid other punishing import levies from taking effect in early July. Investor focus is squarely on tariff negotiations between the US and its trading partners, with Trump and Chinese leader Xi Jinping expected to speak sometime this week as tensions simmer between governments of the world's two biggest economies. May was the best month for the S&P 500 index and the tech-heavy Nasdaq since November 2023, thanks to a softening of Trump's harsh trade stance and upbeat earnings reports. The S&P 500 remains less than 3.0 per cent away from its record highs touched in February. Barclays joined a slew of other brokerages in raising its year-end price target for the S&P 500, pointing to easing trade uncertainty and expectations of normalised earnings growth in 2026. In early trading on Wednesdsay, the Dow Jones Industrial Average rose 88.09 points, or 0.20 per cent, to 42,605.07, the S&P 500 gained 17.36 points, or 0.29 per cent, to 5,987.73 and the Nasdaq Composite gained 58.41 points, or 0.31 per cent, to 19,459.09. Eight of the 11 major S&P 500 sub-sectors rose, led by communication services with a 1.2 per cent rise, while information technology stocks gained 0.4 per cent. Shares of Hewlett Packard Enterprise rose 1.1 per cent as demand for the company's artificial-intelligence servers and hybrid cloud segment helped it beat estimates for second-quarter revenue and profit. GlobalFoundries rose 2.2 per cent after the chip manufacturer announced plans to increase its investments to $US16 billion ($A25 billion). Tesla dropped 3.8 per cent as the electric-vehicle maker's sales slipped for the fifth straight month in big European markets. Wells Fargo shares rose 1.2 per cent after the US Federal Reserve removed a $US1.95 trillion asset cap imposed in 2018 following years of missteps. Shares of cybersecurity firm CrowdStrike slumped 4.7 per cent after it forecast quarterly revenue below estimates. Dollar Tree fell 10.2 per cent after the discount store operator forecast second-quarter adjusted profit would be as much as 50 per cent lower than a year ago due to tariff-driven volatility. Advancing issues outnumbered decliners by a 2.02-to-1 ratio on the NYSE and by a 1.41-to-1 ratio on the Nasdaq. The S&P 500 posted 19 new 52-week highs and no new lows while the Nasdaq Composite recorded 63 new highs and 23 new lows.
West Australian
an hour ago
- West Australian
Wall St gains as tech boost offsets economic worries
US stocks have edged higher as strength in technology shares offset declines driven by weak economic data that deepened concerns about the effects of trade policies from US President Donald Trump's administration. The US services sector contracted for the first time in nearly a year in May while businesses paid higher input prices, a reminder that the economy was still at risk of experiencing a period of very slow growth and high inflation. The ADP National Employment Report showed US private employers added the fewest number of workers in more than two years in May. Investors are awaiting Friday's non-farm payrolls data for more signs on how trade uncertainty is affecting the US labour market. "I think you get very short term volatility from the ADP number but I don't think that it means that much until we see the payrolls number," said Larry Tentarelli, chief technical strategist at Blue Chip Daily Trend Report. The United States doubled tariffs on imported steel and aluminium to 50 per cent on Wednesday, the same day by which Trump wanted trading partners to make their best offers to avoid other punishing import levies from taking effect in early July. Investor focus is squarely on tariff negotiations between the US and its trading partners, with Trump and Chinese leader Xi Jinping expected to speak sometime this week as tensions simmer between governments of the world's two biggest economies. May was the best month for the S&P 500 index and the tech-heavy Nasdaq since November 2023, thanks to a softening of Trump's harsh trade stance and upbeat earnings reports. The S&P 500 remains less than 3.0 per cent away from its record highs touched in February. Barclays joined a slew of other brokerages in raising its year-end price target for the S&P 500, pointing to easing trade uncertainty and expectations of normalised earnings growth in 2026. In early trading on Wednesdsay, the Dow Jones Industrial Average rose 88.09 points, or 0.20 per cent, to 42,605.07, the S&P 500 gained 17.36 points, or 0.29 per cent, to 5,987.73 and the Nasdaq Composite gained 58.41 points, or 0.31 per cent, to 19,459.09. Eight of the 11 major S&P 500 sub-sectors rose, led by communication services with a 1.2 per cent rise, while information technology stocks gained 0.4 per cent. Shares of Hewlett Packard Enterprise rose 1.1 per cent as demand for the company's artificial-intelligence servers and hybrid cloud segment helped it beat estimates for second-quarter revenue and profit. GlobalFoundries rose 2.2 per cent after the chip manufacturer announced plans to increase its investments to $US16 billion ($A25 billion). Tesla dropped 3.8 per cent as the electric-vehicle maker's sales slipped for the fifth straight month in big European markets. Wells Fargo shares rose 1.2 per cent after the US Federal Reserve removed a $US1.95 trillion asset cap imposed in 2018 following years of missteps. Shares of cybersecurity firm CrowdStrike slumped 4.7 per cent after it forecast quarterly revenue below estimates. Dollar Tree fell 10.2 per cent after the discount store operator forecast second-quarter adjusted profit would be as much as 50 per cent lower than a year ago due to tariff-driven volatility. Advancing issues outnumbered decliners by a 2.02-to-1 ratio on the NYSE and by a 1.41-to-1 ratio on the Nasdaq. The S&P 500 posted 19 new 52-week highs and no new lows while the Nasdaq Composite recorded 63 new highs and 23 new lows.
Perth Now
an hour ago
- Perth Now
Wall St gains as tech boost offsets economic worries
US stocks have edged higher as strength in technology shares offset declines driven by weak economic data that deepened concerns about the effects of trade policies from US President Donald Trump's administration. The US services sector contracted for the first time in nearly a year in May while businesses paid higher input prices, a reminder that the economy was still at risk of experiencing a period of very slow growth and high inflation. The ADP National Employment Report showed US private employers added the fewest number of workers in more than two years in May. Investors are awaiting Friday's non-farm payrolls data for more signs on how trade uncertainty is affecting the US labour market. "I think you get very short term volatility from the ADP number but I don't think that it means that much until we see the payrolls number," said Larry Tentarelli, chief technical strategist at Blue Chip Daily Trend Report. The United States doubled tariffs on imported steel and aluminium to 50 per cent on Wednesday, the same day by which Trump wanted trading partners to make their best offers to avoid other punishing import levies from taking effect in early July. Investor focus is squarely on tariff negotiations between the US and its trading partners, with Trump and Chinese leader Xi Jinping expected to speak sometime this week as tensions simmer between governments of the world's two biggest economies. May was the best month for the S&P 500 index and the tech-heavy Nasdaq since November 2023, thanks to a softening of Trump's harsh trade stance and upbeat earnings reports. The S&P 500 remains less than 3.0 per cent away from its record highs touched in February. Barclays joined a slew of other brokerages in raising its year-end price target for the S&P 500, pointing to easing trade uncertainty and expectations of normalised earnings growth in 2026. In early trading on Wednesdsay, the Dow Jones Industrial Average rose 88.09 points, or 0.20 per cent, to 42,605.07, the S&P 500 gained 17.36 points, or 0.29 per cent, to 5,987.73 and the Nasdaq Composite gained 58.41 points, or 0.31 per cent, to 19,459.09. Eight of the 11 major S&P 500 sub-sectors rose, led by communication services with a 1.2 per cent rise, while information technology stocks gained 0.4 per cent. Shares of Hewlett Packard Enterprise rose 1.1 per cent as demand for the company's artificial-intelligence servers and hybrid cloud segment helped it beat estimates for second-quarter revenue and profit. GlobalFoundries rose 2.2 per cent after the chip manufacturer announced plans to increase its investments to $US16 billion ($A25 billion). Tesla dropped 3.8 per cent as the electric-vehicle maker's sales slipped for the fifth straight month in big European markets. Wells Fargo shares rose 1.2 per cent after the US Federal Reserve removed a $US1.95 trillion asset cap imposed in 2018 following years of missteps. Shares of cybersecurity firm CrowdStrike slumped 4.7 per cent after it forecast quarterly revenue below estimates. Dollar Tree fell 10.2 per cent after the discount store operator forecast second-quarter adjusted profit would be as much as 50 per cent lower than a year ago due to tariff-driven volatility. Advancing issues outnumbered decliners by a 2.02-to-1 ratio on the NYSE and by a 1.41-to-1 ratio on the Nasdaq. The S&P 500 posted 19 new 52-week highs and no new lows while the Nasdaq Composite recorded 63 new highs and 23 new lows.
