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Yahoo Finance's morning wrap for Wednesday

Yahoo Finance’s morning wrap for Wednesday. Source: Motley Fool
Yahoo Finance’s morning wrap for Wednesday. Source: Motley Fool

Good morning.

Here’s what you need to know this morning:

US stocks fall, tech tanks, bitcoin crashes

Stocks plunged overnight, showing no respite after Monday’s equity rout. Facebook posted the steepest losses of the major internet names, with its stock down about 40% from its 52-week high at its lowest point Monday.

Trillion-dollar loss for big five tech stocks

One trillion dollars has been wiped off the values of the famous five technology companies as the Silicon Valley stock market rout deepened on Tuesday.

Each of the FAANG giants falling at least 20% from their 52-week highs at their intraday lows Monday. Last year, the tech sector had been the S&P 500’s best performer.

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ASX set for sharp drop as Wall St bleeds

Australian shares are set for a sharp drop at the open after an overnight slump on Wall Street, driven by weak retail earnings and subdued energy stocks.

$A falls from high as risk appetite wanes

The Aussie dollar has slipped from its highs yesterday following growing international risk factors.

This is how 26,000 Aussies tried to steal $61 million

Thousands of people have been caught pulling this one trick to qualify for bigger handouts from the welfare system.

Scott Morrison plans to cut immigration amid population concerns

Scott Morrison is considering cutting immigration numbers by up to 30,000 to prevent over-crowding in Australia’s biggest cities.

“The roads are clogged, the buses and trains are full. The schools are taking no more enrolments. I hear what you are saying. I hear you loud and clear,” he said at the Bradfield Oration in Sydney on Monday night.

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