UPDATE: Australian shares are poised for a significant rise as the market opens later today, following a steep decline in U.S. tech stocks, particularly a staggering 10% drop in shares of Meta. This downturn has heavily impacted the S&P 500, creating a ripple effect that is expected to influence trading on the ASX today, October 30, 2023.
Investors are closely monitoring updates from Origin and Resmed, which are anticipated to provide critical insights into their performance amidst the tech market’s turbulence. The Australian market is set to react positively to the global shifts, which could mean a boost in consumer confidence and trading momentum.
Meanwhile, the cryptocurrency market is experiencing turmoil, with Bitcoin plunging below $US107,000. This decline is causing concern among investors and is indicative of broader market instability. The volatility in both tech stocks and cryptocurrencies underscores the urgent need for market participants to stay informed.
The impact of Meta’s slump is substantial, as it not only affects its own stock value but also casts a shadow over the technology sector as a whole. Analysts are warning that this may lead to further declines across tech stocks, impacting investor sentiment globally.
As the ASX prepares to open, traders are advised to keep an eye on the live updates, as these developments unfold rapidly. The emotional toll of such market shifts can be profound, affecting everyday investors and larger financial institutions alike.
What happens next will be crucial. Investors are advised to watch for the opening numbers closely, as early movements could indicate the overall direction of the market for the day. Stay tuned for live updates as this story continues to develop.
