Australian shares are poised to fall to extend their losses amid a technology-fuelled sell-off in New York. Tesla closed down and extended its slide after hours as its third-quarter results disappointed.
All three US benchmarks pared their losses in the final two hours of the session. The Nasdaq closed down 0.9 per cent after falling more than 1.5 per cent.
Apple paced losses among the mega-caps, cancelling some of the week’s earlier advance after AT&T’s chief executive said that while demand for the latest iPhone was “strong”, it was not record-breaking. There was also a report by Apple analyst Ming Chi Kuo that demand for the new thin iPhone has fallen far short of expectations and that production would be cut back.
Source: https://www.afr.com/markets/equity-markets/asx-to-fall-wall-st-slumps-amid-tech-sell-off-20251023-p5n4m6