Australian shares are set to open lower as a Wall Street rally was halted by a tech slide led by Apple’s plan to slow down hiring and spending.
On Wall Street, US stocks fell amid a drop in big tech as investors assessed the outlook for corporate profits and risks to economic growth as central banks hike interest rates to combat runaway inflation.P 500 traded lower amid a pullback in big tech. Apple fell after saying it plans to slow hiring and spending for some teams next year to cope with a potential economic downturn. The tech-heavy Nasdaq 100 dropped after climbing more than 1 per cent.
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