ASX 200 to tumble, Nasdaq falls into correction on weak US jobs data

LiveWire08-05

ASX 200 futures are trading 115 points lower, down -1.48% as of 8:30 am AEST. Source: Market Index S&P 500 SESSION CHART S&P 500 gaps down and trades sideways (Source: TradingView) ...

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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nASX 200 to tumble, Nasdaq falls into correction on weak US jobs data\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-08-05 06:41 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.livewiremarkets.com/wires/asx-200-to-tumble-nasdaq-falls-into-correction-on-weak-us-jobs-data><strong>LiveWire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>ASX 200 futures are trading 115 points lower, down -1.48% as of 8:30 am AEST.\n\n\n\n\n\n\n\n\n\n\nSource: Market Index\nS&P 500 SESSION CHART\n\n\n\n\n\n\n\n\n\nS&P 500 gaps down and trades sideways (Source: TradingView)\n...</p>\n\n<a href=\"https://www.livewiremarkets.com/wires/asx-200-to-tumble-nasdaq-falls-into-correction-on-weak-us-jobs-data\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"NVDA","symbol_name":"英伟达","start_time":0,"source_url":"https://www.livewiremarkets.com/wires/asx-200-to-tumble-nasdaq-falls-into-correction-on-weak-us-jobs-data","article_id":"2457750332","we_media_id":null,"thumbnails":[],"rights":{"source":"livewire_stock","url":"https://www.livewiremarkets.com/wires/asx-200-to-tumble-nasdaq-falls-into-correction-on-weak-us-jobs-data","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2457750332","pubTimestamp":1722811279,"sourceInfo":{"source_id":"livewire_stock","name":"Livewire Markets"},"weMediaInfo":null,"summary":"ASX 200 futures are trading 115 points lower, down -1.48% as of 8:30 am AEST.Major US benchmarks finished sharply lower, with the Russell 2000 posting its worst week since March 2023 and Nasdaq now more than 10% off record highs. Market has flipped to “bad news is bad news” as growth worries  outweigh the benefits of growing rate cut expectations . Soft US unemployment data has boosted expectations for Fed to cut 50 bps in September, with odds currently sitting at 70% from 12% a week ago. US growth re-pricing triggers rush to exit from equities, spurring pivot toward haven assets of Treasuries and gold . Swaps traders fully pricing in three 25 bp Fed cuts this year as 10-year yield falls below 4% to lowest since February . Apple  Q3 revenue and earnings beat consensus – iPhone, iPhone and Services reported better-than-expected sales, Q4 revenue and GM guidance slightly better, China remains soft, analysts bullish on multi-year replacement cycle for the iPhone on the back of Apple Intel","collect":0,"end_time":0,"defaultTopTitle":"livewiremarkets.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"NVDA":"英伟达","LU0787776722.HKD":"AB SELECT US EQUITY PORTFOLIO \"A\" (HKD) ACC","SSO":"两倍做多标普500ETF","PSQ":"纳指反向ETF","QID":"纳指两倍做空ETF","SH":"标普500反向ETF","CAI.AU":"CALIDUS RESOURCES LTD","SPXU":"三倍做空标普500ETF","BAC":"美国银行","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","LU1366333091.USD":"FIDELITY GLOBAL FOCUS \"A\" (USD) ACC","SQQQ":"纳指三倍做空ETF","AMZN":"亚马逊","AMH":"American Homes 4 Rent","PRG":"PROG Holdings, Inc.","BKI":"巴克艾科技","UBS":"瑞银","BKI.AU":"BKI INVESTMENT CO LTD","AAI.AU":"Alcoa Corp","FT":"富兰克林通用信托",".IXIC":"NASDAQ Composite","SPY":"标普500ETF","CAI":"CAI International 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200指数暴跌，纳斯达克因美国就业数据疲软而陷入调整","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"PRG":1,"PSQ.AU":1,".IXIC":1,"FT":1,"DJW.AU":1,"CAI.AU":1,"CAI":1,"BKI.AU":1,"BKI":1,"PRG.AU":1,"MYG.AU":1,"NDAQ":1,"PCI.AU":1,"UBS":1,"AMH.AU":1,"AMH":1,"AFR.AU":1,"AAI.AU":1,"AAPL":0.9,"BRK.B":0.8,"NVDA":0.8,"VOO":0.77,"SPY":0.77,"SDS":0.6,"QLD":0.6,"QID":0.6,"SH":0.6,"SPXU":0.6,"PSQ":0.6,"SQQQ":0.6,"SSO":0.6,"TQQQ":0.6,"TSLA":0.6,"OEX":0.6,"MNQmain":0.6,".SPX":0.6,"AMZN":0.6,"BAC":0.6,"ESmain":0.6,"OEF":0.6,"NQmain":0.6,"IVV":0.6,"NKE":0.6},"content_text":"ASX 200 futures are trading 115 points lower, down -1.48% as of 8:30 am AEST.\n\n\n\n\n\n\n\n\n\n\nSource: Market Index\nS&P 500 SESSION CHART\n\n\n\n\n\n\n\n\n\nS&P 500 gaps down and trades sideways (Source: TradingView)\nOVERNIGHT MARKETS\n\n\nMajor US benchmarks finished sharply lower, with the Russell 2000 posting its worst week since March 2023 and Nasdaq now more than 10% off record highs\n\nUS weekly recap: Russell 2000 -6.6%, Nasdaq -3.3%, Dow -2.1%, S&P 500 -2.0%\n\nMarket has flipped to “bad news is bad news” as growth worries (US unemployment rate hits three-year high, ISM manufacturing employment lowest since 2020, initial jobless claims highest in 11 months) outweigh the benefits of growing rate cut expectations (market currently pricing in more than 80 bps of easing this year)\n\nSoft US unemployment data has boosted expectations for Fed to cut 50 bps in September, with odds currently sitting at 70% from 12% a week ago\n\nUS growth re-pricing triggers rush to exit from equities, spurring pivot toward haven assets of Treasuries and gold (Bloomberg)\n\nSwaps traders fully pricing in three 25 bp Fed cuts this year as 10-year yield falls below 4% to lowest since February (Bloomberg, FT)\n\nInvestors weigh buying the dip vs worries about growing economic weakness (Reuters)\n\nGoldman says hedge funds lift short bets amid recent uncertainties (Reuters)\n\nJapan stocks slump to biggest two-day rout since 2011 with tech firms, banks drag on benchmark after BOJ hike (Bloomberg)\n\nCommodities slump as fund managers cut ~$41bn of bullish bets on natural resources on oversupply, softer China demand woes (FT)\n\nSTOCKS\n\n\nApple (+0.7%) Q3 revenue and earnings beat consensus – iPhone, iPhone and Services reported better-than-expected sales, Q4 revenue and GM guidance slightly better, China remains soft, analysts bullish on multi-year replacement cycle for the iPhone on the back of Apple Intelligence demand (Bloomberg)\n\nAmazon (-8.8%) Q2 revenue a touch weaker-than-expected, operating income beat consensus by 7%, AWS growth accelerated to 19% from 17% in prior quarter, AWS will ramp capex spending in the 2H, Q3 guidance missed consensus (Bloomberg)\n\nBerkshire Hathaway discloses it sold ~49% of its stake in Apple during Q2 (CNBC)\n\nBerkshire Hathaway offloads more Bank of America shares, shedding more than US$3.8bn since mid-July (Reuters)\n\nNike gets aggressive on Olympics marketing spend with global ad blitz to revive flagging sales (Bloomberg)\n\nTesla China-made EV sales rose 15.3% from a year earlier in July (Reuters)\n\nMaersk lifts guidance on continued shipping disruptions in the Red Sea, forecasts higher profits for third time since May (FT)\n\nCENTRAL BANKS\n\n\nMajority of economists expect another BOJ rate hike by year-end (Bloomberg)\n\nThree of world's biggest central banks diverge on policy amid growing influence of domestic macro factors (Bloomberg)\n\nRBA widely expected to leave rates on hold next Tuesday, economists see rate cuts from first quarter of 2025 (Reuters)\n\nPOLITICS & GEOPOLITICS\n\n\nTrump floats end to taxes on social security benefits that would help higher-income retirees, hasten automatic benefit cuts (WSJ)\n\nIran reiterates \"harsh punishment\" to Israel after Haniyeh assassination (NBC News)\n\nUS preparing for \"every possibility\" regarding Iran retaliation (ABC News)\n\nBiden and Netanyahu discuss new military strategy to fight off Iranian threat (Axios)\n\nUS recognizes opposition candidate González Urrutia as the rightful winner of Venezuela's presidential elections (Axios)\n\nECONOMY\n\n\nUS unemployment rate jumps to a three-year high of 4.3% in July vs. 4.1% consensus, nonfarm payrolls rose 114,000 vs. 175,000 consensus (Reuters)\n\nSouth Korean inflation reaccelerates, clouding rate cut expectations (Bloomberg)\n\n\n\n\n\n\n\n\n\n\n\n\nUS-listed sector ETFs by iShares, Global X and VanEck (Source: Market Index)\nASX TODAY\n\n\nCalidus Resources's receivers and managers seek urgent expressions of interest for acquisition ad recapitalisation (CAI)\n\nHospitals seek right to boycott big insurers, including Medibank, Bupa, NIB, HCF and HBF Health from funding talks (AFR)\n\nRex’s PE lender PAG believed to be holding off on a move to appoint a receiver as administrator EY starts preparing documents for a sale of the regional airline (The Aus)\n\nVocus back in talks to buy TPG Telecom's fibre network (AFR)\n\n WHAT TO WATCH TODAY\n\nBrace yourself for another >100 pt dip. Plenty of bearish drivers emerging including ramp up in growth concerns, softer discretionary spending trends, AI scrutiny, negative seasonality (first-half of August is the fifth worst two-week period of the year for US stocks), hawkish BoJ takeaways, rising geopolitical risks and election overhang. The path of least resistance for markets has flipped to lower. When will we bounce? These downward drivers are pretty fresh and more often than not, we witness the market overshooting to the downside. Let's see how things unravel.   \n\n\nETF watchlist – Pain, pain everywhere: Our overnight ETF watchlist was mostly red, with sub-sectors like Uranium (-6.2%), Semis (-5.3%) and Airlines (-4.2%) leading to the downside\n\nExtended weakness: S&P 500 futures are currently down -0.82% and Nasdaq futures are -1.30% as markets extend selloff from last week\n\nDiggers & Dealers 5-7 Aug: Companies presenting today include AIS, ARL, BGL, DLI, DYL, EMR, FEX, GLN, IGO, LYC, MAU, NST, PNR, RRL, WA1, WAF, WC8\n\nBROKER MOVES\n\n\nCleanaway upgraded to Buy; target increased to $3.30 from $2.80 (UBS)\n\nLifestyle Communities downgraded to Overweight from Buy; target cut to $11.70 from $15 (Jarden)\n\n\n\nKEY EVENTS\nStocks trading ex-dividend: \n\n\nMon 5 Aug: PRL Global (PRG) – $0.05, Perpetual Credit Income Trust (PCI) – $0.007\n\nTue 6 Aug: BKI Investment Company (BKI) – $0.04,  Amcil (AMH) – $0.03\n\nWed 7 Aug: Mayfield Group (MYG) – $0.02, Pacific Smiles (PSQ) – $0.07\n\nThu 8 Aug: None\n\nFri 9 Aug: Djerriwarrh Investments (DJW) – $0.08, Aloca (AAI) – $0.107\n\nOther ASX corporate actions today: \n\n\nDividends paid: None\n\nListing: None  \n\nAGMs: None\n\nEconomic calendar (AEST):\nNo major economic announcements. \nThis Morning Wrap was written by Kerry Sun.\n\n\n\nNever miss an update\n\n    Enjoy this wire? Hit the ‘like’ button to let us know. \n    Stay up to date with my current content by \n    following me below and you’ll be notified every time I post a wire","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"Economic Data","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2457750332"}