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Tech stocks drew the US indexes down, with the longest losing streak for months for the Nasdaq – down 1.1% – and the S&P 500, which shed half a per cent.
Weights on the markets included ARM, which dropped 12%, Nvidia lost 3.8% and Tesla pulled back 1.5%. The Dow Jones bourse closed slightly above even.
But iron ore rallied, taking BHP Group (ASX:BHP) up 3 per cent on the London exchange. Rio Tinto (ASX:RIO) was also up more than 2.5 per cent. This is on expectations of re-stocking by Chinese buyers in the lead up to May Day holiday break. Steelmakers have also reported stronger profitability.
And, with that, the ASX200 is expected to lift around a third of a per cent on open this morning.
In stocks to watch: SRG Global (ASX:SRG) has won multiple contracts amounting to about $150 million with transport, energy and resources clients – the five jobs include inspecting the West Gate Bridge in Victoria, building a road for Genesis Minerals (ASX:GMD) and constructing a tailings dam for Pilbara Minerals (ASX:PLS).
Aussie tech play, Next DC (ASX:NXT) has formally announced it’s raising $1.321 billion. An institutional raise secured $937 million, and a new retail entitlement is targeting $384 million with $15.40 shares. The huge raise is to fund development of the company’s digital infrastructure platforms in Sydney and Melbourne.
The Australian Bureau of Statistics will release Australia’s Labour Force employment data later this morning, and should the jobs figures be strong, it could delay interest rate cuts here.
One Australian dollar is buying US64.35 cents
Iron ore’s right back up above US$115 a tonne.
Gold’s pulled back a bit to US$2372.77 and brent crude’s shed more than 2.5 per cent to US$87.50 a barrel.
Natural gas is down a per cent – at US$1.71 per million British thermal units.
