Wall Street has stayed in neutral, setting up the ASX to retreat at the open.
The S&P 500 slipped 0.1 per cent in afternoon trading after a big three-day winning streak gave way to a tiny gain the prior day. The Dow Jones was up by 0.3 per cent and the Nasdaq composite fell 0.3 per cent. The Australian sharemarket is set to retreat, with futures at 5am AEST pointing to a fall of 23 points, or 0.3 per cent, at the open. The ASXUber Technologies slumped 8.6 per cent after reporting worse results for the latest quarter than analysts expected.
Match Group sank 6.2 per cent despite topping profit expectations. The company behind Tinder, Hinge and other apps gave a forecast for revenue in the current quarter that fell short of analysts’. It said its efforts to make Tinder better for women and Gen Z customers in particular have hurt some performance measurements in the short term.Intel fell 2.8 per cent after saying the US Commerce Department revoked licenses for exports to a Chinese customer.
Reddit was another winner and rose 3 per cent after delivering its first quarterly report as a publicly traded company. It reported a milder loss and better revenue than expected, while also giving a stronger-than-expected forecast for revenue in the current quarter.Arista Networks climbed 7.1 per cent for one of the biggest gains in the S&P 500 after topping expectations for both profit and revenue.
Treasury yields have largely been easing since Federal Reserve Chair Jerome Powell said last week that it remains closer to cutting its main interest rate than hiking it, despite a string of stubbornly high readings on inflation this year. A cooler-than-expected jobs report on Friday, meanwhile, suggested the US economy could pull off the balancing act of staying solid enough to avoid a bad recession without being so strong that it keeps inflation too high.
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