The Australian sharemarket is expected to open lower today, despite a rally on Wall Street driven by major technology companies. US stocks recovered from a dip fueled by weaker-than-expected consumer confidence data. While the S&P 500 edged up, the Nasdaq 100 saw stronger gains.
The Australian sharemarket is tipped to open weaker despite a rally from some of the world’s largest technology companies that spurred a rebound on Wall Street .
However, it was a thin trading session at the start of a holiday-shortened week, with volume roughly 20 per cent below the average of the past month.Credit:“Primary uptrends remain intact for equities despite the recent profit-taking,” Craig Johnson at Piper Sandler said. Earlier, stocks lost steam momentarily after data showed consumer confidence unexpectedly sank for the first time in three months on concerns about the outlook for the US economy.
Meanwhile, US retail giant Nordstrom is going private after the founding Nordstrom family, which owns a 33 per cent stake in the company, teamed up with Mexican retail investor El Puerto de Liverpool on the deal.
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