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The local market closed 0.1% lower yesterday. While materials lead the market, the healthcare sector declined the most.
Biotech company Imugene (ASX:IMU) rallied 7%, closely followed by JB Hi-Fi (ASX:JBH), who reported a better-than-expected first-half trading update. Total sales managed to rise, while net profit fell 9.5%. JBH closed yesterday at $49.84 and Bell Potter maintain their HOLD rating on the stock, while Morgans upgraded from a HOLD to an ADD.
Pointsbet (ASX:PBH), Virgin Money (ASX:VUK) and Zip (ASX:Z1P) were among the worst performers yesterday.
European stocks closed lower as investors reacted to developments in the oil and bond markets. Oil and gas shares gained the most, off the back of a surge in oil prices amid rising tensions in the Middle East. And global markets have been watching the Fed, as they’re expected to hike interest rates and tighten monetary policy. And as US bond yields rose on Tuesday, the tech sector suffered. The Nasdaq down 2.3%, its lowest level in 3-months and down 10% from its most recent high. The Dow was down 1.4% and the S&P500 down 1.7%. The US market was weighed down by Goldman Sachs shares, which dropped 7% after the bank reported fourth-quarter earnings which missed analyst expectations. Meanwhile, the 10-year yield rose to a 2-year high.
Following New York, the SPI futures are suggesting the local market will fall 1.04% at the open.
What to watch today: