Business
ASX to rise; Dow advances on rotation trade – The Australian Financial Review
Australian shares are poised to extend their fast start to the week as the Dow leapt higher. Techs dragged the Nasdaq down, again. $A slips.
Apple and Netflix each slumped more than 4 per cent. Alphabet lost 4 per cent, Facebook fell more than 3 per cent; Microsoft and Amazon were 1-2 per cent lower. The NYSE Fang + Index ended 5.2 per cent lower.
Tesla tumbled 5.8 per cent, briefly trading below $US560 a share. Bitcoin was trading near $US51,700.
Since rates went on the move, the biggest laggards have been high growth, high multiple, long duration and have generally been COVID-economy winners, Morgan Stanleys Mike Wilson said in a note….
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