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Live updates: ASX set to fall after Wall Street rally is halted
Good morning and welcome to the work week.
Stephen Letts from the ABC Business team gearing up for another detailed, post-by-post blog of the day’s events in markets and finance.
In the markets, the ASX is expected to start the week in reverse, with futures trading pointing to a 0.2% drop at the open, following last week’s 1.7% drop.
Wall Street didn’t provide much in the way of momentum at Friday’s close.
The S&P 500 simply failed to achieve five consecutive record closes – we’re considering it flat, but for the pedants it ended down 0.04%.
The Nasdaq achieved five record closes for the week – also just, up 0.1%, with Adobe (+14.5%) doing the heavy lifting.
For the record, the S&P 500 (+1.6%) and Nasdaq (+3.2%) gained over the week, while the blue chip Dow Jones fell (-0.5%).
The real action occurred in Europe, where French investors led the charge for exits, with the main index, the CAC40, falling 2.7%, dragging the broader Eurostoxx 600 down 1%.
Oil remained stable on Friday, but still managed to post its biggest weekly gain since April.
Connected and ready to go.