ASX set to retreat as tech stocks, rising oil prices weigh on Wall Street
The US stock market experienced a decline, influenced by rising oil prices and a downturn in technology stocks. The S&P 500 fell 1.2% from its recent high, while the Australian sharemarket is expected to open lower. Analysts suggest that the market may be overbought, despite strong corporate profits and a resilient economy.
- ▪The S&P 500 dropped 1.2% from its all-time high set the previous day.
- ▪Nvidia and Micron Technology were significant contributors to the market decline, falling 4.4% and 6.6% respectively.
- ▪Rising oil prices are exacerbating inflation concerns, with Brent crude oil settling at $US109.26 per barrel.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at The Sydney Morning Herald.