Australian futures point lower. Tech stocks on watch after Nasdaq slips. US Treasuries continue to slide. Follow here for more.
Australian shares are poised to fall as US stocks cooled further, but Tesla provided a late boost to Wall Street after surpassing earnings estimates for the three months to the end of September. ASX futures are down 16 points, or 0.2 per cent lower, near 7am. Overnight, Wall Street extended its losses into a third day: the Dow Jones slipped 1.0 per cent, the S&P fell 0.9 per cent and the Nasdaq shed 1.6 per cent. Megacaps were among the worst hit.
In an after-market update, the Tesla said net income had hit $US2.2 billion in the three-month period, up 17 per cent on the same time last year. It has been attempting to turn around poor new car sales over the last year through discounting and other promotion. Tesla shares rose 4.8 per cent in extended New York trade. Meanwhile, oil has dropped as US crude inventories posted an unexpectedly high build and the Biden administration renewed efforts to secure a cease-fire in the Middle East.
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