Fed cuts rates by 25 bps, as expected; Crypto stocks fall on Powell comments; Indexes down: Dow 2.58 per cent, S&P 500 2.95 per cent, Nasdaq 3.56 per cent.
Australia is on track for a soft economic landing despite budget deficits set to widen as spending grows and tax receipts fall, Treasurer Jim Chalmers says.
Technology stocks have weighed on Wall Street as investors grew cautious ahead of the Federal Reserve's interest rate decision this week following a stronger-than-expected retail sales reading.
Market looks to Fed's final policy meeting of year; Dow Industrials lower; Indexes: Dow off 0.25 per cent, S&P 500 up 0.38 per cent, Nasdaq up 1.24 per cent.
Australia's unemployment rate has unexpectedly fallen to 3.9 per cent, bolstering the argument for the Reserve Bank of Australia to keep rates on hold.
The ASX200 has finished down 0.3 per cent, having plunged 25 points in two minutes after a "blockbuster" labour market report made a February rate cut unlikely.
Wall Street's main indexes closed lower overnight as technology sector losses offset gains in communications services while investors waited for key inflation reports that may influence the Federal Reserve's next interest rate decisions.
Wall Street's main indexes closed lower overnight, driven by a drop in AI leader Nvidia that weighed on tech stocks, as investors looked ahead to a crucial inflation report set for later this week.
The Nasdaq and the S&P 500 closed last week on record closing highs following upbeat forecasts from Lululemon Athletica and other companies, as US jobs data fuelled expectations the federal reserve would cut interest rates this month.
