ASX set for more losses as Wall Street slumps

Big technology stocks were among the biggest drags on the market. Apple fell 3.9 per cent and Nvidia was 3.3 per cent lower.

Several companies made big moves after reporting earnings and other updates. AeroVironment jumped 21.8 per cent after the maker of unmanned aircrafts raised its sales forecast for the year. Roku rose 0.9 per cent after giving investors an encouraging financial update and saying it would cut 10 per cent of its staff.GameStop and Dave & Buster’s will release their latest results after the closing bell.

The services sector in the US remained healthy, according to a survey from The Institute for Supply Management.The survey showed that the sector, which employs most Americans, grew at a faster pace than economists expected in August. The sector is among the biggest pieces of the US economy and it has remained resilient throughout 2023 despite persistent inflation and rising interest rates squeezing consumers.

The yield on the 2-year Treasury, which tracks expectations for the Federal Reserve, rose to 5.04 per cent from 4.96 per cent just prior to the survey’s results being released.

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