Monday, September 26, 2022
HomeBlogASX set to edge lower as Wall Street treads water

ASX set to edge lower as Wall Street treads water

Shares fell during Wall Street afternoon trading on Thursday (US time), a day after reaching record highs this year.

The S&P 500 index flattened in mid-day trade, sitting below the September 2 high, while the Dow Jones Industrial Average lost 0.3 percent and the Nasdaq added 0.4 percent. It sets the Australian stock market lower and lower, indicating a 5 point drop in AEDT’s futures open at 5.07am.

Wall Street tops the record highs.

Wall Street tops the record highs.loan:AP

U.S. crude oil prices fell 2.2 percent, reducing energy reserves. Devon energy was down 2.9 percent and Schlumberger was down 1.6 percent.

Banks also fell sharply. Capital One was down 4 percent.

Consumer Ju made a profit by mixing companies that relied on consumer spending. Tesla jumped 3.4 percent after recording a third-quarter profit boost despite stock shortages and shipping delays.

WeWork jumped 11.3 percent in its second attempt to become a publicly traded company. The company, which provides the joint work site, suffered a spectacular crash on its first attempt two years ago and is emerging after the epidemic closed millions of square feet of office space.

Investors are reviewing the latest earnings reports, focusing primarily on supply chain issues and the impact of rising inflation. Many companies have warned that supply chain problems and overall high costs could hurt operations, and are trying to gauge the extent to which Wall Street corporations are hindering profit growth and margins.

Sam Stowell, CFRA’s chief investment strategist, said companies manage those high costs and seem to encourage investors who have been uncertain for weeks in a highly volatile market.

“Investors are more likely to turn back than retreat when they are hoping for good news to get bigger and longer-term positions,” he said.

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