The ASX has opened weaker on Wednesday, mirroring the US, where stocks snapped their eight-day winning streak, the longest of the year.
The Australian sharemarket opened weaker on Wednesday after US stocks ticked lower, bringing an end to Wall Street’s eight-day winning streak, the longest of the year.
Santos was down 2.2 per cent after reporting an 18 per cent drop in first-half underlying profit, to $US654 million , below analyst forecasts, due to declining liquefied natural gas prices. Nvidia was the heaviest weight on the market after falling 2.1 per cent. The chip company is one of Wall Street’s most influential stocks because a frenzy around artificial-intelligence technology has made it one of the US stock market’s most valuable companies at roughly $US3 trillion .
High interest rates have been weighing on the economy after the Federal Reserve hiked them sharply to get inflation under control. On Tuesday, Treasury yields were easing ahead of a speech on Friday by Federal Reserve Chair Jerome Powell, one that’s likely to be the week’s highlight for financial markets.
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