ASX set to slide lower as Wall Street fades; iron ore surges

Stocks closed broadly lower after a day of choppy trading on Wall Street on Monday (US time) as investors prepare for a busy week of corporate earnings and inflation updates.

The major indexes made early gains, but slowly fizzled as the day progressed. The S&P 500 fell 30.15 points, or 0.7 per cent, to 4,361.19. The benchmark index gained as much as 0.6 per cent in the early going.

Wall Street made a bright start to the session but lost steam in the afternoon.Credit:AP

The Dow Jones Industrial Average fell 250.19 points, or 0.7 per cent, to 34,496.06

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Tech stock slide drags Wall Street lower

Shares of big tech companies slid on Monday, with stocks such as Apple, Microsoft, Facebook and Amazon dragging the S&P 500 to its lowest close since late July.

The benchmark index fell 1.3 per cent, taking it more than halfway to an official correction — when stocks drop 10 per cent from their all-time high. Some of the index’s tech heavyweights propelled the decline.

Facebook was among the five worst-performing stocks on the S&P 500, declining 4.9 per cent as its Instagram, WhatsApp and namesake Facebook services suffered outages.

Pessimism about the company — and the broader tech industry —

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Bitcoin price falls 6% as cryptocurrencies slide

Bitcoin was trading lower by more than 6% on Thursday morning.

The price was around $32,920 per coin, while rivals Ethereum and Dogecoin were trading around $2,200 and 21 cents per coin, respectively, according to Coindesk.

The Securities and Exchange Commission wants more time to review SkyBridge Capital’s application for a bitcoin exchange-traded fund, according to a filing by the U.S. regulatory agency and reported by Coindesk.

The SEC has extended the initial 45-day review period to Aug. 25. Anthony Scarammuci’s SkyBridge Capital

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