Fast food chain Guzman y Gomez announced plans to list on the ASX next month. It is planning to sell 11.1 million shares at $22 apiece to raise $240 million. GYG said it had received support and demand from existing shareholders, including Aware Super and Hyperion Asset Management.

Loading

In commodities, copper recorded its sixth daily decline in seven sessions, falling as much as 3.6 per cent on the London Metal Exchange. Iron ore fell 2.6 per cent, while Brent crude oil stumbled 1.9 per cent.

On Wall Street, the S&P 500 Index dipped 0.6 per cent to 5235.48, even though the majority of stocks within the index and across Wall Street were higher. The Dow Jones Industrial Average lost 0.9 per cent and the Nasdaq Composite Index 1.1 per cent.

Shares in Salesforce, which helps businesses manage their customers, lost nearly a fifth of their value after the company reported weaker revenue for the latest quarter than analysts expected. The cloud-based software firm also gave forecasts for revenue in the current quarter and fiscal year that fell short of Wall Street’s. The company’s shares ended 19.7 per cent lower.

Chipmaker Nvidia finally ran out of momentum despite blowing past analysts’ expectations in its latest profit report, which fed more fuel into Wall Street’s frenzy around artificial-intelligence technology. Nvidia shares sank 3.8 per cent for its first drop since soaring more than 20 per cent following its profit report last week.

Treasury bond yields fell after a couple of reports showed the US economy isn’t quite as strong as expected. The hope on Wall Street is that the economy can cool down, but not by too much, so that the Federal Reserve can hit a precise landing where it gets high inflation under control without causing a bad recession.

One report showed more US workers applied for unemployment benefits last week than expected, though the number of lay-offs still remains low compared with history. Another suggested the overall US economy’s growth may not have been quite as strong as earlier thought. A slowdown in the economy could give the Fed more confidence that inflation is sustainably heading down to its 2 per cent target. That in turn could convince it to cut the federal funds rate, which has been sitting at the highest level in more than two decades.

With AP

The Market Recap newsletter is a wrap of the day’s trading. Get it each weekday afternoon.