After an overnight slump in oil prices, energy stocks are weighing on the Australian share market in early trade. Technology stocks are on the rise again.
The Australian share market has opened slightly lower, weighed down by energy stocks after an overnight slump in oil prices.The Dow Jones Industrial Average dropped by 1.4pc or 361 pointsBy 10:45am AEST, the ASX 200 was down by 0.1 per cent to 5,947 points.
Initial claims for state jobless benefits dropped 99,000 to a seasonally adjusted 1.3 million for the week ended July 4. Despite the better-than-expected numbers, it was the 15th week in a row initial claims were more than 1 million.Oil prices have slumped overnight, as the United States recorded its biggest daily increase in COVID-19 cases.
West Texas crude oil fell 3.1 per cent to $US39.62 a barrel, while Brent crude slipped 2.2 per cent to $US42.38 a barrel.On Wall Street, the S&P 500 and Dow dropped as investors worried about another round of business shutdowns. Bank stocks fell after the news Wells Fargo was planning to cut thousands of jobs starting later this year.
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