The US markets closed mixed overnight with the Dow Jones outperforming the broader market, while the Nasdaq Composite fell as traders
continued to offload major tech stocks that have driven the bull market.
The Dow gained 0.86%, closing at 42,297.12 as investors shifted into non-tech stocks such as Caterpillar, JPMorgan, and UnitedHealth. In contrast, the tech-heavy Nasdaq fell 0.38% to 19,088.10. The S&P 500 edged up 0.16%, finishing at 5,836.22. All three indexes have declined over the past two weeks, with tech stocks leading the pullback.
Tech giant Nvidia saw a 2% drop after new US restrictions on semiconductor sales.
Meanwhile, commodity markets saw gains, with iron ore hitting $US98.90 a tonne and Brent crude increasing by 1.6%.
The Australian dollar also rose slightly against the US dollar, trading at $US0.62, a positive move compared to Monday’s five-year low. Bitcoin, however, fell by 2.7%.
In other global news, China’s export figures highlight a contrast between strong export performance and weakening domestic demand, with a record trade surplus.
Turning to the ASX day ahead, futures are pointing to a slightly higher opening, up 0.45%.
In company news, Star Entertainment is facing potential administration with a new major investor emerging, while Global Lithium has successfully resisted a board revamp attempt.
