What Matters Today in Markets - Thursday 8th October - Dow off -341pts, SPI down -53pts

A softer session across US markets last night.

There was, um, uh, the S&P, uh, and Nasdaq pulled back from record highs, but it has been a very small, uh, cohort of stocks driving the upside move, so we saw a little bit of profit-taking in some of those last night.

So, uh, by the close, the Dow Jones was down three hundred and forty-one points, point six six percent lower.

S&P fell point two.

Nasdaq did the same.

Russell 2000 was down one point three percent.

So, uh, SPY futures are pricing a drop of fifty-three points this morning, so point six percent lower as we try and, uh, hold a base around this, um, eighty-seven, eighty-six fifty handle on the ASX 200.

So, uh, all sect-- um, uh, all sectors bar two were lower overnight.

Uh, the only sectors that made gains were healthcare, up one percent.

Consumer discretionary names were up about point two of one percent.

Uh, a lot of weakness in, in the industrial side, uh, down two percent.

Materials were down one and a half.

Real estate was down one point three.

Uh, then smaller moves elsewhere.

In terms of the Mag Seven, they were down point two as a group.

Uh, these are the stocks that have been driving the market higher.

So, uh, we've got only about one percent of the S&P 500, as, as, as I suggested yesterday, that are making, um, or s- testing all-time highs.

Whereas we've got about fifty percent of the market that is-- that's in bear market territory over in the US.

So, uh, it's certainly not a, uh, wide-ranging rally, and that speaks to why the ASX has been underperforming US markets in recent times pretty materially.

A softer session across US markets last night.

There was, um, uh, the S&P, uh, and Nasdaq pulled back from record highs, but it has been a very small, uh, cohort of stocks driving the upside move, so we saw a little bit of profit-taking in some of those last night.

So, uh, by the close, the Dow Jones was down three hundred and forty-one points, point six six percent lower.

S&P fell point two.

Nasdaq did the same.

Russell 2000 was down one point three percent.

So, uh, SPY futures are pricing a drop of fifty-three points this morning, so point six percent lower as we try and, uh, hold a base around this, um, eighty-seven, eighty-six fifty handle on the ASX 200.

So, uh, all sect-- um, uh, all sectors bar two were lower overnight.

Uh, the only sectors that made gains were healthcare, up one percent.

Consumer discretionary names were up about point two of one percent.

Uh, a lot of weakness in, in the industrial side, uh, down two percent.

Materials were down one and a half.

Real estate was down one point three.

Uh, then smaller moves elsewhere.

In terms of the Mag Seven, they were down point two as a group.

Uh, these are the stocks that have been driving the market higher.

So, uh, we've got only about one percent of the S&P 500, as, as, as I suggested yesterday, that are making, um, or s- testing all-time highs.

Whereas we've got about fifty percent of the market that is-- that's in bear market territory over in the US.

So, uh, it's certainly not a, uh, wide-ranging rally, and that speaks to why the ASX has been underperforming US markets in recent times pretty materially.