ASX 200 dropped over 1.3%; Investors fear slowing economic growth

At AEST 11:58 AM, the benchmark index S&P/ASX200 is in the red zone, dropping 1.319% and trading at 6674.4. Out of 11 sectors, 10 are trading in the red zone along with ASX 200.

Liontown Resources Limited (ASX: LTR) and The Star Entertainment Group Limited (ASX: SGR) are the top gainers with 5.399% and 3.136% growth in their share prices. Liontown shares moved up following the update on its deal with Ford. On the other hand, SGR announced the appointment of the managing director and CEO.

Tyro Payments Limited (ASX: TYR) and Imugene Limited (ASX: IMU) were the top losers, with a 17.308% and 13.954% drop in their share prices. Tyro shares dropped following its update on CEO and Managing Director resignation.

 Factors Influencing the market:

• Most investors are worried about whether the global economy can weather interest rate hike.
• Investors are doubtful that the US Federal Reserve could increase the interest rate sharply while avoiding an economic downturn.
• The previous day, NASDAQ Composite, NASDAQ-100, and Dow Industrial dropped 2.98%, 3.09, and 1.56%, respectively.
• The Hang Seng is down -1.20%, and the FTSE 100 is up 0.90% today.

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