While several big tech stocks led the market lower, Thursday’s losses on Wall Street hit many corners of the market.
The Australian sharemarket is set to tumble on Friday, with futures pointing to a 1.1 per cent slide at the open after a widespread washout for US stocks dragged Wall Street lower on Thursday. TheThe S&P 500 dropped 0.8 per cent to pull further from its all-time high set on Tuesday. The Dow Jones Industrial Average tumbled 533 points, or 1.3 per cent, from its own record set a day before, while the Nasdaq composite sank 0.7 per cent.
The pizza chain temporarily suspended its forecast for how many stores will open globally over the long term. While that’s likely due to reasons beyond the company’s control, analysts said it could frustrate investors. Wall Street is hoping the economy can remain in a “Goldilocks” state, where it’s not so hot that it puts upward pressure on inflation but not so cold that it slides into a recession.
The market saw a similar turn in momentum around the end of last year, but it didn’t last. Strategists at UBS led by Maxwell Grinacoff say they need to see several milestones “for this rotation to be real and sustainable”.
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