The Australian sharemarket is set to open sharply lower this morning after Wall Street struggled for direction in the final stretch of a strong quarter that’s seen a small group high-flying technology shares lead the way.
“Investors are sitting on their hands, waiting for tomorrow’s presidential debate and for additional economic news in particular this Friday’s PCE,” said Sam Stovall, chief investment strategist at CFRA. “The stock market is way too reliant on big tech — period and end of story,” said David Bahnsen at The Bahnsen Group. “Whether or not the past week’s volatility in tech is the start of something deeper or if that reckoning is still forthcoming remains to be seen, but excessive investor sentiment, euphoria and overdone momentum always ends the same.”
Moderna shares sank 11 per cent after data showed the efficacy of its RSV shot fell sharply in the second year and was lower than that of rival vaccines.The S&P 500 is on pace to enter the second half with a gain of about 15 per cent since the start of 2024. And July has ranked as the strongest month of the year for the S&P 500 both since its inception and more recently over the past two decades, according to data compiled by Bespoke Investment Group.
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