ASX on the rise, Wall Street slips from a record, General Electric collapses

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Wall Street eased, ending its record run as investors took profits and concerns about rising inflation became evident.

The Australian equity market, meanwhile, looks set to rise.

As of 7:10 am AEDT, the futures index, the ASX SPI 200, was up 0.24% to 7,438.

The Australian dollar lost 0.5 percent to 73.80 US cents.

All three major US stock indexes were down as of 7:15 a.m. AEDT, with the S&P 500 and Nasdaq posting their streak of eight consecutive highs.

The Ministry of Labor’s Producer Price Report (PPI) showed inflation continued to heat up as continued problems in the supply of goods and labor sent prices skyrocketing. .

Investors are also looking to the Tomorrow’s Consumer Price Index report for clues about the extent to which producer prices are passed on to consumers.

Jay Hatfield, chief executive of InfraCap Advisors in New York City, said investors were selling stocks at a high level to make a profit.

“It’s a safe day,” he said.

The Dow Jones Industrial Average fell 167 points or 0.5% to 36,265, the S&P 500 lost 0.4% to 4,683 and the Nasdaq Composite fell 0.6% to 15,886 at 7.15 am AEDT.

General Electric splits

General Electric jumped 2.5% after the 129-year-old industrial conglomerate announced it would split into three separate state-owned companies to streamline operations.

The split marks the end of the conglomerate, once America’s most valuable company and a symbol of American industrial might.

General Electric shares rose 2.7% on the news.

Tesla plunged 10%, weighing on the consumer discretionary sector and prolonging losses, after CEO Elon Musk’s Twitter poll to sell a tenth of his holdings garnered 57.9% of the vote in favor of the company. sale.

Mr Musk’s decision raised questions about whether he had violated a regulation with the US business regulator, the Securities and Exchange Commission.

Robinhood Markets shares fell 2.8% after the online retail app reported a security breach affecting around 5 million of its clients.

European markets fall

The main European markets finished in the red.

In London, the FTSE 100 index lost 0.4% to 7,274, the DAX in Germany remained stable at 16,041, down 0.04%, while the CAC 40 in Paris fell 0.06 % to 7,044.

In commodities, spot gold rose 0.4% to US $ 1,831.39 an ounce, and Brent crude rose 1.8% to US $ 84.93 a barrel at 7.20 a.m. AEDT .


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