Wall Street higher; Tesla, Meta results ahead; ASX set for flat start
The Australian sharemarket declined as investors reacted to a profit warning from retailer Nick Scali and broader economic concerns. While Wall Street showed positive momentum, local retail stocks struggled amid cost-of-living pressures.
Why it matters
Provides an overview of market volatility and the impact of consumer spending habits on the Australian retail sector.
— 11:34am , first published October 22, 2026 — 5:28am
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Share A A A The Australian sharemarket declined in early trade on Thursday, despite a strong lead from Wall Street where strong results from SpaceX and other big companies boosted sentiment. Nick Scali shares plummeted after a profit warning.
The S&P/ASX 200 was down 42.3 points, or 0.5 per cent, at 8789 at around 11.15am AEDT, with eight of its 11 sectors in the red. The weak start comes after a volatile session on Wednesday, where the local bourse swung between gains and losses before closing 0.2 per cent higher.
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