Originally published by Rivkin Securities
The market continues its sell-off as last night’s trading session began with a tug of war, eventually ending in the red with the Dow down 2.13%, S&P 500 down 2.06% and Nasdaq down 1.25%. The ASX is expected to follow suit with futures down 47 points as of 8:15am AEDT. Australian shares took a dive and marked their biggest fall in eight months since February 6th with the S&P/ASX 200 ending the session 2.7 per cent lower at 5883.8.
In international news, President Trump continued his criticism against the Federal reserve mentioning the interest rate increases a “ridiculous“ policy that was making it exceptionally more expensive for admin to finance its escalating deficits. This follows the prospect of investors adjusting to higher US interest rates which may dent economic growth. However, the current market sell off has a very similar look and feel to February of this year when the S&P500 plunged 10% in the wake of another sharp rise in treasury yields which was then followed by 8 months of consecutive growth.
The aussie dollar surged back above US71c