Thanks afternoon crew. Wild week. A million different ways to do your dough. Hope everyone here came through smoothly.
End-of-day summary:
The share market recouped some of its losses at the end of a challenging week dominated by heavy selling on Wall Street as a rotation from tech stocks into other sectors accelerated.
The ASX 200 bounced 60 points or 0.76% this afternoon, reversing more than half of yesterday's loss. Today's advance, the index's second in seven sessions, cut its loss for the week to 51 points or 0.64%.
A shift on Wall Street away from market-leading megacap tech stocks accelerated on Wednesday with the heaviest falls on the Nasdaq and S&P 500 since 2022. Both indices rallied briefly overnight before fading to losses of 0.93% and 0.51%, respectively. The Dow firmed 0.2%.
The ASX took its cues today from resilience in the US materials and financial sectors. Rio Tinto, QBE and BHP were the best of the heavyweights. Karoon Energy, Liontown Resources and Judo Capital Holdings topped the index, all gaining at least 5%..
US futures were ahead at the Australian market close. S&P 500 futures were up 0.37%, sharpening hopes of a recovery on Friday night.
