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ASX to slide as Elon Musk unleashes bold tweet

Lucy Dean
·2-min read
SpaceX owner and Tesla CEO Elon Musk arrives on the red carpet for the Axel Springer media award, in Berlin, Germany, Tuesday, Dec. 1, 2020. (Hannibal Hanschke/Pool via AP)
SpaceX owner and Tesla CEO Elon Musk arrives on the red carpet for the Axel Springer media award, in Berlin, Germany, Tuesday, Dec. 1, 2020. (Hannibal Hanschke/Pool via AP)

ASX: The ASX is expected to slip at the open on Tuesday after a weak lead from Wall Street overnight, and growing concerns about the COVID-19 virus outbreak overnight.

ASX futures were down 0.1 per cent around 7:30am indicating a slow start. It comes after markets also dropped on Monday.

The S&P/ASX200 benchmark index closed 0.9 per cent lower, to 6697.2 on Monday while the All Ordinaries closed down 0.92 per cent, at 6959.5.

Wall Street: The US stock market’s main indexes slid on Monday local time as investors began feeling cautious following the vaccine- and stimulus-fuelled rally.

In early trading, the Dow Jones Industrial Average fell 167.89 points, or 0.54 per cent, to 30,930.08, the S&P 500 lost 28.84 points, or 0.75 per cent, to 3,796.14 and the Nasdaq Composite lost 161.41 points, or 1.22 per cent, to 13,042.36.

Bitcoin: The cryptocurrency slid as much as 26 per cent over Sunday and Monday in the biggest two-day sell-off since March 2020. That’s around US$185 billion in value wiped, however investors remain hopeful.

But it could fall further: Finder founder and Bitcoin investor Fred Schebesta believes the cryptocurrency will have a 50 per cent correction at some point. Here’s why he still likes Bitcoin.

Retail’s surprising rebound: Retail sales surged 7 per cent in November with one category leading the charge. According to the latest data, clothes and footwear sales experienced a whopping 26.7 per cent rise.

Confidence question: And while sales are surging, uncertainty remains around how they fared as a cluster of COVID-19 cases put a dampener on Christmas around the country. Consumer confidence is an indicator of retail spending, with the latest ANZ-Roy Morgan consumer confidence index to be released on Tuesday.

Elon Musk: When the world’s richest man, Elon Musk, tweets, the world listens. He tweeted about a healthcare tech company Signal Advance (SIGL) and sent the stock an incredible 1,500 per cent higher in 24 hours. Here’s what we know.

Parler: Alt-right social media platform Parler is suing Amazon after Amazon booted Parler from its web-hosting services over harmful and dangerous content. In a lawsuit, Parler said Amazon had kicked it off to give Twitter an advantage.

Trump: Companies that choose to hire former officials under President Donald Trump’s administration will be approached with caution, and all their information assumed to be lies, Forbes has said in an extraordinary statement.

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