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ASX to start red as Wall Street's tech sell-off continues

Jessica Yun
·2-min read
MANHATTAN, NEW YORK, UNITED STATES - 2021/01/28: Front view of The New York Stock Exchange in Wall Street. (Photo by Erik McGregor/LightRocket via Getty Images)
Wall Street's tech sell-off continues. (Photo by Erik McGregor/LightRocket via Getty Images)

Good morning.

Here's your Yahoo Finance Friday morning wrap:

ASX: The ASX is set to open low after continued tech losses on Wall Street saw S&P 500 and NASDAQ erase their year-to-date gains.

AUD: The Aussie dollar is trading at 77.2 US cents.

Wall Street: At the time of writing, the NASDAQ was down 2.43 per cent; the Dow Jones was down by 1.56 per cent; and the S&P 500 was down 1.74 per cent. Check out Yahoo Finance US reporter Emily McCormick's live updates on the US stock market here.

Interesting to note: The tech sell-off has seen ARK Invest's flagship Innovation ETF lose all of its 2021 gains. This ETF skyrocketed nearly 150 per cent. But one analyst reckons you should use the dip to buy Apple, Microsoft, and other tech stocks before they're out of reach.

Investors are still worried by rising US Treasury yields and higher inflation forecasts. US Federal Reserve chairman Jerome Powell has said the central bank won't act immediately to counter inflationary pressures, and will be "patient" in keeping interest rates near zero.

Parliament House still scrutinised over its workplace culture. The Prime Minister is facing mounting pressure to push for an inquiry into the rape allegations against Attorney-General Christian Porter.

"It's time for the prime minister to give both himself and Australians confidence that Mr Porter is a fit and proper person to hold the office of attorney-general," said Opposition Leader Anthony Albanese. More here.

Treasurer Josh Frydenberg won't introduce a new tax. At the very least he's all but ruling out the tax hike that the Aged Care Royal Commission called for in its final report to lift standards in care, the AFR reports.

Have a great day.

–with AAP

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