ASX set to fall as Wall Street stumbles

The S&P 500 and Nasdaq closed lower after touching record highs during the session, with high-flying chip stocks going into reverse and a mixed labour market report that showed more new jobs than expected with a rising unemployment rate.

Stocks had opened higher after data showed US job growth accelerated in February, with non-farm payrolls increasing by 275,000 jobs against an expected 200,000 rise. January jobs numbers were revised lower.Also, the unemployment rate rose to 3.9 per cent in February after holding at 3.7 per cent for three straight months, while wage growth slowed to 0.1 per cent on a monthly basis.

“That’s really what the market is hanging its hat on right now, that inflation is going to continue to be benign, that the Fed is going to start to ease.” The Dow Jones Industrial Average fell 68.66 points, or 0.18 per cent, to 38,722.69, the S&P 500 lost 33.67 points, or 0.65 per cent, to 5,123.69 and the Nasdaq Composite lost 188.26 points, or 1.16 per cent, to 16,085.11.

“When you’ve markets which have run up as much as this has since the start of the year, with returns coming in a strong as they have, these types of pullbacks are healthy to see.” Advancing issues outnumbered decliners by a 1.25-to-1 ratio on the NYSE where there were 708 new highs and 48 new lows.

Source: News Formal (newsformal.com)

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