Australian shares fell 0.8% at the open, influenced by upcoming US tech earnings and President Joe Biden’s decision to end his re-election campaign. The S&P/ASX 200 Index dropped by 62.5 points to 7909.1, with significant losses in materials and energy sectors. Alphabet and Tesla are expected to report their quarterly earnings later today, while US stock futures and the dollar showed minimal reaction to Biden’s endorsement of Kamala Harris. Commodity stocks also faced pressure as copper and iron ore prices fell and BHP shares declined further.
At noon, the S&P/ASX 200 is 0.83 per cent lower at 7,905.8.
The SPI futures are pointing to a fall of 60 points.
