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On Friday, the Australian share market plummeted close to a six-month low after Thursday's relief rally. The sell-off was driven by what was a wild ride on Wall Street. The bulls were gone and the bears were back, as optimism turned to fear within the space of hours. Hopes had been pinned on Nvidia's quarterly result and it delivered, with a record $US57 billion in revenue initially casting fears of an AI bubble aside. US shares started the session higher, but then with no obvious trigger investors headed for the exits, the S&P 500 index closed down more than 1.5 per cent. The index posted its biggest swing in almost eight months. And investor worries were evident in the so called fear index, the Vix, which at 27 was back at levels last seen at the height of Donald Trump's 'Liberation Day' tariffs. Gemma Dale from NAB Trade says; "There's a clear sentiment that we've run too hard particularly in the US. In Australia, we've kind of given up all the gains for the year, it's been a rough week." Gemma Dale says there was no real catalyst for the sell-off. "This just appears to be the market being very concerned after what was an extraodinary run-up post 'Liberation Day' that we just cannot continue to see these gains, that prices have got ahead of themselves, that multiples have expanded too far and we're starting to see real questions about the validity of some of the numbers we do see." She said. The program also talks to the CEO of controversial crypto trading platform Binance, Richard Teng, as Bitcoin falls into a bear market. During the week, DroneShield stock was sold off after the CEO, chair and independent director sold their shares in the company. The firm released a statement to the ASX this week saying DroneShield has been "informed by the directors that they did not have an agreement to dispose of all (or any part) of their DRO shares, and that the shares were sold on-market, in the ordinary course of trading, and in accordance with programmed trading parameters agreed by each director with their broker". Also on the program, we cover the latest wages data and how it alleviates pressure on the RBA to lower interest rates. Close of Business is presented by Alicia Barry.
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