Myer's profit falls nearly 40%, Australian stocks drop

Myer's profit fell by nearly 40% during the first half of the financial year. This decline comes as Australian stocks also dropped, following a downturn on Wall Street. Investors are being cautious ahead of an important decision about US interest rates. US stocks fell on Tuesday, breaking a two-day winning streak. The Federal Reserve is set to announce its latest policy decision on Thursday morning. Many experts believe the central bank will keep interest rates steady, but some officials are cautious about making any quick changes. There is uncertainty surrounding tariffs and their potential economic impact. Tim Ghriskey, a senior strategist, noted that confusion in the market often leads to fear and can prevent stock prices from rising. Investors are also worried about inflation, as US import prices rose unexpectedly in February. Recently, stocks had shown signs of stabilizing after weeks of declines. The S&P 500 and Nasdaq have dropped over 10% from their recent highs. The Dow is also nearing correction levels. In international news, Russian President Vladimir Putin and US President Donald Trump agreed on a temporary ceasefire in Ukraine, focused on energy and infrastructure targets. Peace talks are set to begin soon. In corporate news, Alphabet's stock fell after it announced plans to acquire cybersecurity firm Wiz for about $32 billion. Nvidia shares also declined ahead of its annual developer conference, where it is expected to unveil a new AI chip. Tesla shares slumped significantly, as a brokerage lowered its price target dramatically. Amid these market changes, investors are turning to safer investments. Gold prices reached a record high, trading over $3,000 per ounce for the first time last week.