Australian shares to open lower, tracking Wall Street drop
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The news: The Australian sharemarket is set to start lower, tracking an extended fall on Wall Street, where a global technical outage on Friday added uncertainty to an already-anxious market.
The numbers: The Dow Jones index ended 0.93% while the broader S&P 500 lost 0.71% and the tech-heavy Nasdaq declined 0.81%. In the local market, ASX 200 futures were down 67 points or 0.84% to 7,876 points at 7:00am AEST on Monday.
The context: All three major US stock indices ended in negative territory on Friday as the technical outage caused by a software glitch added uncertainty, pushing investors into wait-and-see mode.
That sentiment is expected to prevail further after US President Joe Biden announced he is ending his re-election campaign, bowing to relentless pressure from his closest allies amid serious doubts about his age and health.
Meanwhile, markets are awaiting a swath of high-profile US company results this week, including from Tesla, Alphabet, IBM, General Motors, Ford and a host of other companies.
The source: Reuters
