The Australian share market has had a tumultuous week, and today is no different, with the local bourse diving after a rebound in tech stocks in the US proved to be short-lived.
The benchmark S&P/ASX200 (^AXJO) has shed around $17 billion today, down 0.87 per cent to 5,856.60 at 11:30 AEST.
The broader All Ordinaries index (^AORD) was down 1 per cent to 6,029.20 points.
All industry sectors were trading down, with information technology performing the worst, followed by materials, financials and energy.
Afterpay was trading 2.53 per cent lower to $73.60, following NAB and Commonwealth Bank’s neocards that challenge the buy now, pay later industries. PayPal also entered the BNPL race with a pay-in-4 service in the US.
Rio Tinto seemed unscathed by the chief executive officer’s resignation this morning, which followed the company’s destruction of the ancient Juukan Gorge caves.
The mining giant’s share price was down just 0.08 per cent to $100.37 at 11:35am AEST.
What happened in the US?
A rebound in heavyweight tech stocks on Wednesday was clearly short-lived, with Apple, Microsoft and Apple once again diving at least 2.8 per cent. Tesla bucked the trend, rising 14 per cent.
Contributing to losses was the number of jobless claims in the US, which also remained high last week. Democrats in the US Senate also blocked the Republicans’ US$500 million fiscal stimulus bill, saying it was “emaciated”.
The Dow Jones Industrial Average fell 405.89 points, or 1.45 per cent, to 27,534.58, the S&P 500 lost 59.77 points, or 1.76 per cent, to 3,339.19 and the Nasdaq Composite dropped 221.97 points, or 1.99 per cent, to 10,919.59.
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