Australian shares are set to rebound. Nvidia sheds another 6.7pc, three-day loss reaches 13pc. Bitcoin falls 6pc. Follow updates here.
Australian shares are poised to rise. In New York, equities hovered near record highs even as Nvidia and other semiconductor stocks extended their sell-off. The Dow was higher, paced by Amgen, Chevron and Goldman Sachs. The S&P 500 slipped 0.3 per cent. The Nasdaq Composite shed 1.1 per cent. Nvidia 6.7 per cent, dragging its market cap to $US2.91 trillion as more investors cashed out after its stunning surge year-to-date. Shares in Nvidia have tumbled 13 per cent in three sessions.
In a note, Oppenheimer Asset Management chief investment strategist John Stoltzfus said the bull market “appears sustainable” to him as the rally broadens to more sectors and as investors lift their exposure to stocks. Stoltzfus said the weakness in tech late last week is perhaps “a pause that refreshes” the sector.
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