The S&P/ASX 200 (ASX: XJO) fell on Thursday, following a global lead that was driven by the selloff of technology and semiconductor names like NVIDIA (NASDAQ: NVDA).
The technology sector fell 3.4 per cent, joining eight other sectors that weakened, with the S&P/ASX200 dropping 0.4 and the All Ords (ASX:XAO) 0.3 per cent, as smaller companies outperformed.
Domino’s Pizza Enterprises (ASX: DMP) continued its troubling 2024 with the high multiple company falling more than 8 per cent after announcing as much as 10 per cent of its stores in Japan and France would be shut. The group flagged the need to arrest poor performance amid a challenging retail environment.
The return of migrant workers may be impacting the unemployment rate, with 50,000 people finding new jobs, but unemployment increasing to 4.1 per cent as the participation rate increased.
Economists are mixed on the impact of the announcement on the next rate move with some suggesting it guarantees another rate hike and others, that a November rate cut was still on the cards.
Fortescue slowing on green hydrogen?
Footwear business Accent Group (ASX: AX1), owner of Rebel Sport, has announced it would be closing 18 underperforming Glue Stores as it seeks to improve profitability in 2025.
Shares jumped by more than 9 per cent as the company suggested it will reduce EBIT to just $109 to $111 million for the year, better than expected.
Cancer treatment technology firm Telix Pharmaceuticals (ASX: TLX) dropped 2 per cent despite the company lifting expectations for sales for next year. The company reported a 56 per cent increase in revenue for the quarter, with a 5 per cent increase in forecasts.
Iron ore miner Fortescue (ASX: FMG) was 1.5 per cent lower following news the company would cut 700 jobs primarily from its green hydrogen division. The challenging technology is making it more likely to be a very-long term project despite significant government support, with the group also abandoning its 2030 target.
Nasdaq selloff intensifies, Netflix falls despite strong numbers
The selloff in global shares intensified overnight, with the Nasdaq falling another 0.7 per cent, with strength in Apple (NASDSAQ: AAPL) dragging it lower and the Dow Jones and S&P500 which were 1.3 and 0.8 per cent lower. The company suggested it was looking to license more major Hollywood films amid the success of AppleTV+.
Sticking with streaming, Netflix (NASDAQ: NFLX) shares fell 0.7 per cent but were lower in after market trading after the company flagged continued dominance in the streaming wars, adding 8 million subscribers but warned of a lower profit result this year.
NVIDIA outperformed after a terrible week while the smaller companies index fell close to 2 per cent as the risk off trade commenced once again. The Amazon.com Inc (NASDAQ: AMZN) stock price were 2 per cent lower despite the company recording US$14.2 billion in sales in the Amazon Prime Day.
