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Highlights
- - Australian share market set to open lower after Wall Street's decline.
- - Nasdaq led losses as tech giants reported notable drops.
- - ASX trading hours adjusted for New Year’s holiday.
The Australian stock market is expected to open on a weaker note following a downturn on Wall Street last Friday. Major U.S. indices, including the Dow Jones, S&P 500, and Nasdaq, recorded losses, with tech stocks leading the decline. This sentiment is likely to influence the ASX when trading resumes.
Wall Street and European Markets Snapshot
The tech-heavy Nasdaq index experienced a sharp fall of over one percent, driven by drops in notable companies like Nvidia (ASX:NVDA), Microsoft (ASX:MSFT), and Amazon (ASX:AMZN). These stocks saw declines of more than one percent each, reflecting broader challenges in the U.S. technology sector. The S&P 500 also fell over one percent, while the Dow Jones posted a smaller decline of less than one percent.
In contrast, European markets demonstrated resilience, with gains across major indices. The FTSE 100 added modest growth, while the CAC 40 and DAX indices registered more substantial increases.
Key Commodities and Currencies Performance
Gold prices edged lower, reflecting decreased safe-haven demand, with spot gold trading at just over $2,621 per ounce. Crude oil prices also weakened slightly, with Brent crude at $73.62 per barrel and WTI crude at $70.26 per barrel. The Australian dollar dipped marginally to 62.14 U.S. cents amid these global shifts. Bitcoin faced a decline, trading near $93,694.31, adding to the broad downward trend across markets.
ASX Trading Adjustments for Holiday Period
The ASX will close early on Tuesday, ahead of the New Year’s holiday, with trading ceasing at 2 p.m. AEDT. Markets will remain closed on New Year’s Day, reopening for the first trading session of 2024 on Thursday.
Economic Data to Watch
Looking ahead, global markets will monitor several key economic indicators from the U.S. later this week. Reports on unemployment claims and the ISM manufacturing index, scheduled for release on Friday AEDT, are expected to influence investor sentiment. These figures will provide insights into the health of the U.S. economy as markets continue navigating post-holiday volatility.
With Wall Street setting the tone, the ASX’s performance in the upcoming sessions will likely hinge on external factors and economic updates from both local and international markets.
