ASX set to rally; Wall Street rebounds strongly

January 29, 2021 Charlotte

ASX futures were up 1% and hinting that the local market will claw back some of Thursday’s losses. The index fell 1.9% yesterday in its worst session since September
Wall Street rebounded strongly overnight after its worst session in three months. Earnings season continued its strong start, and fears lessened around hedge funds selling long positions to cover shorts.
Shares in GameStop Corp and AMC Entertainment Holdings Inc tumbled after a meteoric rise in recent sessions in a social media-driven trading frenzy. Trading platforms, including Robinhood, restricted trading in several stocks that soared this week
Iron ore prices tumbled overnight. The bulk metal slipped 5.5% to $US157.42 a tonne.

Good morning

Good morning, and welcome to Markets Live. It’s the last session of the week – and month – with ASX futures pointing to an early rise.

Alex Druce will be taking you through today’s news.

Wall Street rebounded overnight as earnings season continued to impress and fears eased around hedge funds selling long positions to cover shorts.

This blog is not intended as financial advice

Source: Thanks smh.com