Why IMU is a multi multi bagger, page-28443

Could be a rocky road ahead on the ASX because of the US debt ceiling.

At this stage, IMU is stuck in a limited range so maybe the general ASX movements may not affect IMU's SP.

ASX Lunch Wrap: Stocks and Bitcoin drop as markets worry about US debt ceiling deadline - *

ASX LunchWrap: Stocks and Bitcoin drop as markets worry about US debt ceiling deadline

• ASX 200 drops after Wall Street sell-off
• US megatech hit hard as Nvidia and Microsoft lose ground
• Bitcoin tumbles as traders cash in on recent highs

Aussie investors had been gearing up for a festive finish to the year, but Monday’s market open quickly popped that bubble.

Face-planting out of the gates, the ASX 200 has now slid by 0.65% at 1pm, following Wall Street’s poor performances at the tail end of last week.

On Friday, the S&P 500 dropped a further 1%, dragged down by a sell-off in tech stocks and rising bond yields.

Investors were jittery after Treasury Secretary Janet Yellen warned the US could run out of money in weeks, and might have to start using “special accounting manoeuvres” as early as mid-January to avoid breaching the debt ceiling.

Nvidia was one of the hardest hit, dropping 2%, while Microsoft lost 1.7%.

That said, with the holiday season in full swing, market volumes were light, making the moves a little more exaggerated.

Over in crypto, it was a rocky day for Bitcoin, too, which tumbled 2% in the last 24 hours as traders cashed in on the record highs it reached earlier this month.

Meanwhile, here at home, 9 out of 11 ASX sectors were in the red this morning.

The real estate sector lagged the most, while energy and mining stocks bucked the trend: