The Australian share market is set to open 1 per cent lower after US stocks tumbled on Wall Street amid continuing worries about rising inflation and a potential US debt default.The Dow Jones index has fallen 0.9pc to 34,003, the S&P 500 has lost 1.3pc to 4,300 and the Nasdaq has slid 2.1pc to 14,255
At 7:15am AEDT, the ASX SPI 200 index was down nearly 1 per cent to 7,176 indicating a fall on the local share market today.US investors dumped big tech firms and other growth stocks as yields on US government Treasury bonds rose on worries about rising inflation. Facebook, the fifth most valuable company, slumped 4.9 per cent after its app and its photo-sharing platform Instagram, and messaging service WhatsApp, suffered a major outage.
US President Joe Biden says he cannot guarantee the government will not breach its $28.4 trillion debt limit unless Republicans join Democrats in voting to raise it, as the United States faces the risk of a default in just two weeks.
Great day