Australian shares poised to open lower. Hindenburg targets Block. Apple, Microsoft lift Wall Street. Global PMIs ahead. Follow updates here.
The US stock market shrugged off losses, with traders piling into some of the world’s largest technology companies that are seen by many on Wall Street as a kind of shelter in times of stress and economic uncertainties.
Gains in megacaps like Apple and Microsoft put the Nasdaq 100 close to the threshold of a bull market after an almost 20 per cent surge from its December low. In the wake of the banking turmoil that has rattled markets and added to recession fears, tech stalwarts have largely outperformed. Banks slumped even after Treasury Secretary Janet Yellen told lawmakers the US would be prepared for further steps to protect deposits if needed.
A gauge of US financial heavyweights like Wells Fargo and Bank of America sank to the lowest since November 2020. First Republic Bank tumbled 6 per cent while PacWest Bancorp closed at a record low.P 500 rose 0.3 per cent as of 4 p.m. New York time. The Nasdaq 100 rose 1.3 per cent. The Dow Jones Industrial Average rose 0.2 per cent. The MSCI World index rose 0.5 per cent.Bitcoin rose 3.5 per cent to $US28,360.29. The Bloomberg Dollar Spot Index fell 0.1 per cent.
West Texas Intermediate crude fell 2.3 per cent to $US69.25 a barrel Gold futures rose 2.6 per cent to $US2,018.70 an ounce.
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