| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 41,581.31 | -260.32 | -0.62% |
| S&P 500 | 5,614.66 | -60.46 | -1.07% |
| Nasdaq | 17,504.12 | -304.55 | -1.71% |
| VIX | 21.7 | 1.19 | 5.80% |
| Gold | 3,039.40 | -1.4 | -0.05% |
| Oil | 66.81 | -0.09 | -0.13% |
US MARKET
Wall Street’s sell-off resumed on Tuesday after two days of gains, dragging major indices lower. The S&P 500 slid 1.1%, edging closer to correction territory, while the Dow dropped 260 points and the Nasdaq 100 tumbled 1.6% under pressure from tech weakness. Tesla plunged 5.3% after RBC Capital Markets slashed its price target, citing intensifying EV competition. Alphabet shares fell 2.3% following news that Google will acquire cloud security firm Wiz for $32 billion.
Other tech giants, including Nvidia and Palantir, also posted losses of 3.4% and 4%, respectively. Investors are on edge ahead of the Federal Reserve’s policy decision on Wednesday, with markets broadly anticipating rates to remain unchanged.
Meanwhile, a stronger-than-expected rise in housing starts contrasted with inflation concerns stemming from import price pressures, adding to market uncertainty.
LOCAL MARKET
The S&P/ASX 200 Index inched up 0.08% to close at 7,860 on Tuesday, marking its third straight session of gains and taking cues from a strong lead on Wall Street, where US retail sales data helped ease recession concerns.
However, local stocks gave up most of the session’s gains as RBA Assistant Governor Sarah Hunter said that the central bank cut interest rates in February to “take some restrictiveness away,” but added that the board was more cautious than the markets about prospects for further easing.
Meanwhile, investors are eyeing upcoming Australian employment data later this week, which could offer insights into the labour market’s strength. Consumer, financial, and energy stocks led the charge, with notable gain from Woolworths Group (+1.4%), Westpac Banking (+1%), and Woodside Energy (+3%).