ASX set for sharp losses as Wall Street falls on Fed minutes

The S&P 500 was down 0.5 per cent in afternoon trading, a day after setting its latest all-time high. The Dow Jones Industrial Average was down 0.6 per cent, and the Nasdaq composite was 0.5 per cent lower after setting its latest record.The Australian sharemarket is set to fall, with futures at 5.06am AEST pointing to a dive of 76 points, or 1 per cent, at the open.

One of the market’s worst losses came from Target, which tumbled 8 per cent after the retailer reported profit for the latest quarter that fell short of analysts’ expectations. It also gave forecasted ranges for upcoming profit where the midpoints fell below analysts’ estimates, as it said customers are holding back on purchases of non-essentials. Earlier this week, Target said it was cutting prices on thousands of everyday basics to entice customers struggling with still-high inflation.

The day’s headline profit report will come after trading closes for the day. That’s when analysts expect Nvidia to deliver its latest blockbuster quarter of growth thanks to surging demand for chips used in artificial-intelligence technology. In the bond market, the yield on the 10-year Treasury rose to 4.42 per cent from 4.41 per cent late Tuesday. The two-year yield, which moves more closely with expectations for the Fed, rose a bit more. It climbed to 4.87 per cent from 4.84 per cent.

Source: News Formal (newsformal.com)

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