ASX 200 Live: Australian Market Update – February 4, 2024
- Australian shares are poised for a decline this morning, mirroring a sharp downturn on Wall Street driven by losses in the technology and artificial intelligence sectors.
- The anticipated fall follows a brutal session on US markets, with significant drops in the share prices of major tech and AI companies like Nvidia, and Microsoft.
- On Wall Street, the Dow Jones Industrial Average closed down 0.3%, the S&P 500 fell 0.8%, and the Nasdaq Composite experienced a more substantial decline of 1.4% on...
Australian shares are poised for a decline this morning, mirroring a sharp downturn on Wall Street driven by losses in the technology and artificial intelligence sectors. The ASX 200 was flat at , February 4, at 8,851 points, according to market snapshot data as of 11:52am AEDT.
Tech Sell-Off Weighs on Markets
The anticipated fall follows a brutal session on US markets, with significant drops in the share prices of major tech and AI companies like Nvidia, and Microsoft. This sell-off appears to be linked, at least in part, to the upgraded Claude AI chatbot, according to analysts. The global software sell-off was noted as a key event impacting market sentiment.
On Wall Street, the Dow Jones Industrial Average closed down 0.3%, the S&P 500 fell 0.8%, and the Nasdaq Composite experienced a more substantial decline of 1.4% on , February 3. European markets showed more resilience, with the FTSE down 0.3%, the DAX down 0.1%, and the Stoxx 600 managing a slight gain of 0.1%.
Bitcoin Plunges to 16-Month Low
Adding to the market turbulence, cryptocurrency Bitcoin has plummeted to a 16-month low, falling below $US73,000. However, as of 11:52am AEDT today, Bitcoin had partially recovered to $US76,069, representing a 0.2% increase. This volatility underscores the ongoing instability within the cryptocurrency market.
Commodity Movements and Australian Dollar
Despite the broader market weakness, some commodities offered a degree of support. Spot gold rose 1.3% to $US5,001 per ounce, and spot silver increased 0.7% to $US85.70 per ounce. Brent crude oil remained relatively stable at $US67.33 per barrel. Iron ore also saw a modest increase, rising 1.1% to $US102.85 a tonne.
The Australian dollar was trading flat at 70.23 US cents.
Mining Stocks Provide Support
Mining stocks are currently helping to keep the ASX afloat as the tech sell-off spreads to Australia. This suggests that the performance of the resources sector is partially offsetting the negative impact of the technology downturn on the broader Australian market.
Interest Rate Expectations
Market pricing indicates a strong expectation that the Reserve Bank of Australia (RBA) will raise interest rates again by June. This expectation is likely contributing to broader economic uncertainty and potentially influencing investor sentiment.
Market Data as of February 4, 2026
Here’s a snapshot of key market data as of approximately 12:11 PM GMT+11:
- ASX 200: 8,862.70 (+0.06%)
- Australian dollar: flat at 70.23 US cents
- Wall Street (previous close): Dow Jones (-0.3%), S&P 500 (-0.8%), Nasdaq (-1.4%)
- Europe (previous close): FTSE (-0.3%), DAX (-0.1%), Stoxx 600 (+0.1%)
- Spot gold: +1.3% to $US5,001/ounce
- Spot silver: +0.7% to $US85.70/ounce
- Oil (Brent crude): flat to $US67.33/barrel
- Iron ore: +1.1% to $US102.85 a tonne
- Bitcoin: +0.2% to $US76,069
Recent ASX 200 Performance
Looking back at recent trading days, the ASX 200 closed at 8,869.10 on , 8,927.50 on , and 8,941.60 on . The market has experienced some volatility in recent weeks, reflecting global economic and geopolitical uncertainties.
An economist, La Cava, suggested that wallets might not ‘snap shut’ after yesterday’s interest rate hike, indicating a potentially more resilient consumer spending pattern than some might anticipate.