ASX down 0.12% near noon: Alphabet and Tesla report disappointing results
PUBLISHED
2024-07-24
Content
Australian shares decline by midday, influenced by lower US stock indices and disappointing quarterly results from Tesla and Alphabet. At 11:40am, the S&P/ASX 200 is 0.12 per cent lower at 7,961.60, while US indices, including the Dow, Nasdaq, and S&P 500, dropped between 0.1% and 0.2%. Tesla's second-quarter profit missed Wall Street expectations, marking its fourth consecutive shortfall, while Alphabet’s earnings slightly exceeded forecasts but still saw a decline in after-hours trading. The energy sector underperformed due to a continued drop in oil prices, and the mining sector also faced losses. Notable stock movements included gains for Pilbara Minerals and Platinum Capital, and losses for Flight Centre, Perpetual, and Telix Pharmaceuticals.
The SPI futures are pointing to a fall of 9 points.
Best and worst performers
The best-performing sector is Consumer Discretionary, up 0.68 per cent. The worst-performing sector is Energy, down 1.05 per cent.
The best-performing large cap is GQG Partners Inc (ASX:GQG), trading 3.39 per cent higher at $3.05. It is followed by shares in Cochlear (ASX:COH) and Technology One (ASX:TNE).
The worst-performing large cap is Telix Pharmaceuticals (ASX:TLX), trading 5.02 per cent lower at $19.29. It is followed by shares in Mineral Resources (ASX:MIN) and Flight Centre Travel Group (ASX:FLT).
Commodities and the dollar
Gold is trading at US$2454.70 an ounce.
Iron ore is 2.7 per cent lower at US$100.40 a tonne.
Iron ore futures are pointing to a 1.3 per cent fall.
One Australian dollar is buying 66.09 US cents.
Author
Name | Peter Milios | Peter Milios is a recent graduate from the University of Technology - majoring in Finance and Accounting. Peter is currently working under equity research analyst Di Brookman for Corporate Connect Research. |