Morning all
Thanks AM crew
The ASX is set to open 1.2% lower this morning as a sell off in technology stocks in the US dragged markets lower Friday.
SPI futures down 56 points at 4867
The Nasdaq closed at its lowest since October 2014 on Friday, sparking a broader selloff on Wall Street following weak forecasts from technology companies including LinkedIn, which fell 44 per cent. Facebook, Amazon, Alphabet and Netflix were all sold down.
Friday's action may suggest some hedge funds may be taking a harder look at valuations of these types of comanies.
"Tech has got a few shining examples of what happens if you disappoint," said Art Hogan, chief market strategist at Wunderlich Securities in New York. "When that happens, that calls into question the valuations of all high-multiple stocks." 1
Major tech players Amazon and Facebook were both off 5.5% while Apple fell 2.6%. A broad sampling of NASDAQ biotech companies – the NASDAQ Biotech ETF – was off over 4.00%.
New job creation slowed appreciably in January. But more people were working for higher wages, which signals strength in the labor market and muffles pessimism about the economy in January. 2
The unemployment rate fell to 4.9%, from 5%, as more people joined the work force.
Dow Jones industrial average closed down 211 points, 1.29 per cent, to 16,204.83
S&P lost 35.43 points, or 1.85 per cent to 1880
Nasdaq Composite dropped 146 points, or 3.25 per cent to 4363
West Texas Intermediate fell 2.85% with Brent North Sea off 1.30%.
Meanwhile, gold roared again today, rising 1.6% t0 $1174. Gold rose despite born-again strength in the U.S. dollar. Gold and silver hit multi-month highs while the dollar (the thorn in gold's side) has continued to lose value against other major currencies, including the euro, which had an impressive rally. It is a reverse scenario investors have been living with for the past few years.2
HUI +2%
AUD Gold $1659
AUD .7073
Iron ore at $US45.73, highest since November 18
Chinese markets closed this week
On today
ANZ job ads. Japan current account
US labour market conditions
Earnings: Ansell, JB Hi-Fi, 21st Century Fox
have a good day
1 SMH
2 *****
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Morning all Thanks AM crew The ASX is set to open 1.2% lower...
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