Tech rebound helps pare week of losses on Wall Street

In a note, Wedbush Securities Dan Ives said “this is not a Dot-com 2.0 bubble in our view, it is a massive overcorrection in a higher rate environment that will cause a bifurcated tech band with HAVES and Clear Technology NOTS”.

Ives said he and his colleagues stick to their bullish view of the technology as a whole.

“We have tested our technology models under stress and believe in the worst-case scenario. Street numbers for 2023 decrease by less than 10%, while in a base scenario they are unchanged from today and in a soft landing scenario they actually increase from current. Numbers. We think these stocks price in a “hard landing” and fears abound. »

Among the buyers at the sale, companies.

Market Highlights

ASX futures up 54 points or 0.8% at 7110 around 07:00 AEST

  • AUD +1.1% to 69.30 US cents
  • Bitcoin on bitstamp.net +1.6% to US$29,476.54 9:15 a.m. AEST
  • On Wall St: Dow +1.5% S&P-500 +2.4% Nasdaq +3.8%
  • In New York: BHP +2.5% Rio +2.2% Atlassian +12.3%
  • Tesla +5.7%Twitter -9.7%Apple +3.2%Amazon +5.7%
  • Netflix +7.7% Meta +3.9% Microsoft +2.3%
  • In Europe: Stoxx 50 +2.5% FTSE +2.6% CAC +2.5% DAX +2.1%
  • Spot gold -0.7% at US$1,809.76/oz at 4:12 p.m. PT
  • Brent +3.7% to $111.46 a barrel
  • US Oil +4% to $110.35 a barrel
  • Iron ore -0.2% to $127.35 a tonne
  • 2-year yield: United States 2.58% Australia 2.52%
  • 5-year yield: United States 2.87% Australia 3.03%
  • 10-year yield: United States 2.92% Australia 3.39% Germany 0.94%
  • US prices from 4:59 p.m. in New York

From today’s AFR weekend

I’ll Change: The Prime Minister’s Desperate Appeal to Undecided Voters: The Prime Minister’s message throughout the campaign has been that you don’t have to like him to elect him. But now he has changed his tune.

A week of Terra: behind the collapse of a $26 billion stablecoin: The collapse of the Terra coin has sent shockwaves through the market. Here’s how it happened.

Australian Crypto Investors, Exchanges Caught in Earth Crisis: Cryptocurrency luna’s value plummeted to zero on Friday after the related stablecoin terraUSD collapsed, leaving Australian investors to suffer significant losses.

How to build an investment bank after a false start: perhaps the key meeting in the creation of Barrenjoey – who stoked envy, frustration and fascination in equal measure among his rivals, despite dismantling a major funder – went quietly.

COVID-19 cases are surging ahead of a more infectious winter surge: With lower temperatures in southern states, the seven-day national average has risen from around 41,000 daily cases to nearly 48,000.

United States

Elon Musk Casts Doubt Over His Twitter Takeover: Elon Musk tweeted that his bid was ‘temporarily suspended’ as Twitter shares fell over fears the billionaire might seek to renegotiate or walk away.

The University of Michigan’s preliminary consumer sentiment index fell 9.4% to 59.1 earlier this month, the lowest since August 2011. Economists polled by Reuters had expected the index to fall to 64.

JPMorgan chief executive Jamie Dimon will find out on Tuesday what shareholders think of a special $52.6 million stock option grant he received to stay on for five more years, which is opposed two key investor advisory firms.

Robinhood Markets surged after Samuel Bankman-Fried, chief executive and founder of cryptocurrency exchange FTX, disclosed a 7.6% stake in the brokerage app company.

U.S. aviation safety regulators told Boeing that the documentation it submitted to seek approval to resume 787 deliveries to airlines after a year was incomplete, Reuters reported.

Europe

European stocks rose on Friday, closing higher for the first time in five weeks.

The pan-European STOXX 600 index rose 2.1%, with travel and leisure, banks and personal and household stocks leading the gains.

Among individual stocks, Deutsche Telekom gained 2.1% after raising its full-year profit forecast.

Wind turbine maker Vestas fell 4.4% after Berenberg downgraded the stock to “hold”.

Norwegian Air gained 2.4% as the airline reported a quarterly loss and said soaring fuel costs would partly offset the effects of increased summer bookings.

Asia

Chinese stocks rose on Friday as Shanghai said it was aiming to halt the spread of COVID-19 in areas outside its tightly regulated quarantine zones this month, while authorities’ pledges to support the economy also boosted sentiment.

The blue-chip CSI300 index rose 0.8% to 3988.60, while the Shanghai Composite Index gained 1% to 3084.28 points.

The Hang Seng Index rose 2.7% to 19,898.77, while the Chinese Enterprise Index gained 3.2% to 6,807.03 points.

For the week, the CSI300 index gained 2%, its biggest jump in six weeks, since Shanghai entered a citywide lockdown. The Shanghai Composite Index climbed the most in three months, up 2.8%.

The Hang Seng index edged down 0.5% over the week, while the Chinese corporate index remained virtually flat.

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