A worried Wall Street trader

ASX set to tumble, Dow sheds 1,100 points as Wall Street suffers worst selloff since 2020

Australian stocks are expected to fall in morning trading after Wall Street suffered its worst daily selloff in two years.

ASX futures fell 1.8% to 7,046 points, as of 7:10 a.m. AEST on Thursday.

The Australian dollar was trading at 69.5 US cents, after falling 1.1%.

The Dow Jones Industrial Average fell 1,165 points, or 3.6%, to 31,490, its biggest one-day loss since June 2020. It was the lowest close for the Dow since March 2021.

The S&P 500 closed down 4% at 3,924, also its worst drop since June 2020. The benchmark is down about 17% year-to-date.

The Nasdaq Composite plunged 4.7% to 11,418, the biggest decline for the high-tech index since May 5. It has also fallen by around 27% over the past five months.

In economic news, the Bureau of Statistics (ABS) will release its latest figures on the state of the labor market, at 11:30 a.m. AEST.

Economists polled by Reuters expect Australia’s unemployment rate to fall to 3.9%, its lowest level since the 1970s, and 30,000 more workers to be hired.

Inflation here for “even longer”

US retailer Target lost a quarter of its value in one trading day after confirming it was the latest victim of the inflation spike.

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