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US equities tumbled in what was a volatile trading session, as trading resumed overnight following the Labor Day national holiday. Wall Street continued its broad sell-off. The Dow closed over 170 points lower, or 0.6%. The S&P500 fell 0.4% and the Nasdaq closed 0.7% lower, notching its seventh day of losses, its longest since 2016.
The Institute of Supply Management PMI came in stronger than expected. However, investor sentiment has been dampened lately, amid hawkish comments from the Fed, who show no signs of easing up aggressive interest rate hikes. Also, the court battle between Tesla CEO Elon Musk and social media company Twitter is scheduled for today. In London, shares responded favourably to the news of the new Prime Minister Liz Truss.
Following the RBA’s cash rate hike yesterday, the national currency has struggled to gain momentum, with one Aussie dollar buying just 68 US cents.
What to watch today:
Trading Central have identified a bullish signal in Ecograf (ASX:EGR), indicating that the stock price may rise from the close of $0.44 to the range of $0.52 to $0.56, over 16 days, according to the standard principles of technical analysis.