Wall Street is edging back from its records as the price of crude oil tumbles and technology stocks weaken.
The S&P 500 was down 0.4 per cent in afternoon trading, a day after setting an all-time high for the 46th time this year. The Dow Jones was down 0.3 per cent and the Nasdaq composite was 0.8 per cent lower. The Australian sharemarket is set to decline, with futures at 4.54am AEDT pointing to a fall of 32 points, or 0.4 per cent, at the open. The ASXExxon Mobil dropped 2.2 per cent, and energy stocks fell to some of Wall Street’s sharpest losses after oil prices tumbled roughly 4 per cent.
Dutch chip supplier ASML fell, with its US-traded shares down 16.7 per cent, after CEO Christophe Fouquet said AI continues to offer strong upside potential but “other market segments are taking longer to recover.” Boeing hasn’t earned an annual profit since 2018, losing more than $US25 billion since, after two 737 Max jets crashed, killing 346 people. Its finances are under new pressure as a strike by workers who build most of its airline jets factory goes into its second month. The strike is cutting into cash, which Boeing receives when it delivers new planes to buyers. Boeing shares are 2.3 per cent higher in late trade.Dragging on the US stock market was UnitedHealth Group. The insurer fell 7.
Walgreens Boots Alliance was another winner, up 12.9 per cent, after topping analysts’ forecasts. The drugstore chain also said it will close about 1200 locations over the next three years as it tries to turn around its struggling US business.
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