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It’s set to be an interesting day on the market today, with almost 40 stocks delivering results.
Grocery powerhouse Woolworths (WOW) will be amongst them, following in the footsteps of competitor Coles (COL) yesterday – which lost seven per cent as its numbers missed expectations and costs concerned the market.
The ASX200 is predicted to fall about a third of a per cent after the Dow Jones and S&P 500 dropped overnight. Only the NASDAQ kept above water – and only just.
The US session reflected investors’ ongoing concerns that the Federal Reserve’s likely to keep higher interest rates for longer.
Retail stocks struggled; ‘Macy’s’ shed 14 per cent after reporting weak consumer spending through the summer holiday season.
Banks also pulled back on downgraded credit ratings of some regional banks with significant exposure to commercial real estate. The Bank of America fell nearly two per cent.
Tech company Nvidia hit an all-time high of $481 before closing the session nearly three per cent lower.
The Aussie dollar is buying 64 US cents.
Iron ore is tipped to plateau amid China’s property crisis but It’s up 3 per cent to $114 a tonne this morning, Crude oil has slipped .6 per cent to $83.92 a barrel. Gold is still below $1900 at $1897 an ounce and natural gas has dipped 3 per cent to $2.55.
