Company Interview / the open: ASX set to drop again, after Wall Street snaps winning streak

The Australian sharemarket is set to continue its descend and follow Wall Street’s losses. ASX futures are pointing down 21 points or 0.3 per cent to 8152. 

The S&P 500 ended its longest positive streak in 20 years, whilst the Dow also dropped. Shares in Netflix fell after having risen for the past 11-sessions, while Amazon and Paramount Global also dropped. 

Oil had dropped after OPEC+ agreed to another output increase, with concerns being raised about an oversupply. As a result, energy was the worst performing out of the sectors. 

Elsewhere, shares of Berkshire Hathaway had fallen after Warren Buffett announced his resignation, whilst Tyson Foods’ shares took a hit, following the meat packer missing quarterly revenue expectations. 

Brent crude futures are down 1.7% to $60 a barrel, whilst Copper rose 0.5% and iron rose 1.3% to $98. 

The US dollar weakened against the major currencies, whilst the Aussie dollar is trading up to 64.7. Bitcoin fell slightly, and is currently trading close to $94,500. 

Locally, Macquarie’s 27th annual Australian conference kicks off, covering macro trends driving business activity in the year ahead. And also today there will be a read of the household spending for March, alongside building approvals data.