2024 General news etc, page-94

A big *ouch* was what was next for NWH stock code today with the price closing almost 8% down :/
And nothing to do with the lovely company, just the general sell off in what the AFR called a rout .

Shame it had to happen on day one of the Diggers and Dealers just as everyone is wanting to celebrate how our mineral resources are largely keeping Australia agloatc
https://www.afr markets/equity-markets/us-recession-rumblings-to-roil-asx-20240803-p5jz3u

​

Rout sweeps ASX as recession fears accelerate; ResMed emerges unscathed​

Joshua Peach​

There was nowhere for investors to hide on Monday, after the worst sell-off in more than four years flooded every corner of the market in red.​

The S&P/ASX 200 closed 3.7 per cent, or 293 points, lower at 7649.6, extending Friday’s 2.1 per cent loss. That places the bourse more than 5.5 per cent down over the past two sessions, and marks the worst one-day sell-down since May 2020, during the height of the COVID-19 pandemic.​

The sell-down was sparked after July non-farm payrolls data released in the US on Friday missed estimates and the jobless rate rose faster than expected. That has fuelled fears of a potential recession. Goldman Sachs’ recession probability indicator was revised higher over the weekend from 15 per cent to 25 per cent.​

RBC Capital Markets head of US equity strategy Lori Calvasina noted markets were already set up for a misstep leading into the data.​

“While the economic data was the catalyst for the move lower, we think it’s important to keep in mind that the US equity market has been vulnerable to a pullback,” she said.​

Ms Lori noted stretched equity sentiment and positioning, the stock market’s poor seasonal track record in August through October and the US presidential election as factors exacerbating the potential for a further sell-off.​

“Generally speaking, those problems haven’t resolved and keep the stock market vulnerable to additional declines for the time being.”​

All 11 ASX sectors ended the day more than 1 per cent lower. Only two ASX 200 stocks managed to avoid the sell-off, with 208 of the stocks on the equity benchmark declining.​

Those two stocks were sleep apnoea treatment provider ResMed which closed 2.9 per cent higher at $32.73 on better than expected results reported late last week, and Domino’s Pizza, which ended 0.8 per cent higher at $29.79. The fast food chain rebounded from a strong sell-off in the previous session.​