Wall Street closed flat to slightly down in a volatile session which saw all three major indices touch their lowest levels in over a year. S&P 500 down 0.23%, Dow down 349 points, recovering from low of 1703, unable to hold on to high of 892, ended in middle of range. NASDAQ better off, up 0.10%. Most sectors down, Tech and Financials bucked the trend. Real Estate worst off, rate sensitive sector, US yields rose. Broadcom (+5.4%) jumped on announcement of $10 billion share buyback program. Apple (-3.7%) hardest hit of the Tech giants, most reliant on China as iPhones assembled there. Resources down, oil slides to near 4-year low, iron ore down as escalating US-China trade war weighs on prices.  

Trading volume broke US records for the second consecutive session. It was choppy. Markets dropped on open, jumped on rumours of a delay to tariffs. The White House denied the rumour, markets fell but not to opening lows. The market is reacting quickly. It wants certainty, how permanent are these tariffs.

ASX to rise. SPI futures up 55 points (+0.75%).

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