plunged 16.4 per cent<\/a> after it announced a deal to sell its 50 per cent stake in its Queen\u2019s Wharf hotel and casino complex had collapsed.<\/p>\nThe lowdown<\/p>\n
While Australia avoided an increase in tariffs under Trump\u2019s latest series of announcements, the move will still boost the average US rate on goods from across the world.<\/p>\n
Growing concerns that the levies could weigh on economic growth are starting to overshadow the AI-driven optimism that has buoyed mega-cap technology stocks in the US.<\/p>\n
\u201cThe reality is that we\u2019re still going to see higher tariffs than pre-Liberation Day and we\u2019ll start to see some economic impact of that in the months ahead,\u201d said AMP chief economist Shane Oliver. \u201cThere\u2019s still uncertainty about China; Mexico has been delayed by another 90 days and details around sectoral tariffs are also yet to come.\u201d<\/p>\n
Saxo Markets chief investment strategist Charu Chanana said the tariff announcements had brought \u201cclarity on paper, but uncertainty in practice\u201d.<\/p>\n
\u201cWhile markets now know the numbers, the lack of a clear framework behind these tariffs \u2014 and the seemingly arbitrary rates \u2014 only reinforces the sense of policy unpredictability. This makes it harder for businesses and investors to plan ahead,\u201d Chanana said.<\/p>\n
Overnight, the S&P 500 fell 0.4 per cent, the Dow Jones lost 0.7 per cent and the Nasdaq composite slipped less than 0.1 per cent.<\/p>\n
Loading<\/p>\n
Healthcare stocks were the biggest drag on the US market. Eli Lilly & Co fell 2.6 per cent, UnitedHealth Group slid 6.2 per cent and Bristol-Myers Squibb lost 5.9 per cent.<\/p>\n
About 70 per cent of stocks in the S&P 500 lost ground, but big technology stocks with hefty values helped temper the impact of losses in healthcare and other sectors.<\/p>\n
Technology stocks rose following results from big companies showcasing advancements in artificial intelligence.<\/p>\n
Meta Platforms, the parent company of Facebook and Instagram, surged 11.3 per cent after it crushed Wall Street\u2019s sales and profit targets even as the company continues to pour billions into artificial intelligence.<\/p>\n
Microsoft jumped 4 per cent after also posting better results than analysts had expected. The software pioneer also gave investors an encouraging update on its Azure cloud computing platform, which is a centrepiece of the company\u2019s artificial intelligence efforts.<\/p>\n
Apple and Amazon reported their results after the closing bell. Apple forecast revenue well above estimates, following strong June quarter results supported by customers buying iPhones early to avoid Trump\u2019s tariffs.<\/p>\n
Amazon posted higher fiscal second-quarter profit and sales, underscoring its resilience despite tariff uncertainty. The company also offered on Thursday a sales outlook for the current quarter that beat analysts\u2019 projections. But its shares fell 5 per cent in after-market trading.<\/p>\n","protected":false},"excerpt":{"rendered":"ResMed shares reached a record high after the maker of medical devices posted another solid quarter of earnings…\n","protected":false},"author":2,"featured_media":39879,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[64,63,99,171],"class_list":{"0":"post-39878","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-au","9":"tag-australia","10":"tag-business","11":"tag-markets"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/39878","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=39878"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/39878\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/39879"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=39878"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=39878"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=39878"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}