ASX set to fall, Wall Street mixed; Microsoft, Meta surge
The S&P 500 was up less than 0.1 per cent, holding just below the record high it set on Monday. The Dow Jones Industrial Average fell 88 points, or 0.2 per cent. The technology-heavy Nasdaq rose 0.3 per cent and is on track for a record.
The Australian sharemarket is set to retreat, with futures at 5.10am AEST pointing to a loss of 52 points, or 0.6 per cent, at the open. The ASX lost 0.2 per cent on Thursday. The Australian dollar was fetching 64.33 US cents at 5.25am.
Health care stocks were the biggest drag on the market after the White House released letters asking big pharmaceutical companies to cut prices and make other changes in the next 60 days. Eli Lilly & Co. fell 2 per cent, UnitedHealth Group slid 4.9 per cent and Bristol-Myers Squibb was 4.5 per cent lower.
Roughly 70 per cent of stocks in the S&P 500 were losing ground, but big technology stocks with hefty values helped temper the impact of losses in health care and other sectors.
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Technology stocks rose following results from big companies showcasing advancements in artificial intelligence.
Facebook and Instagram's parent company Meta Platforms surged 11.9 per cent after it crushed Wall Street's sales and profit targets even as the company continues to pour billions into artificial intelligence.
Microsoft jumped 4.1 per cent after also posting better results than analysts expected. The software pioneer also gave investors an encouraging update on its Azure cloud computing platform, which is a centrepiece of the company's artificial intelligence efforts.
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