ASX 200 slips following weak Wall Street performance

At AEST 11:41 AM, the benchmark index ASX 200 ended lower, dropping 1.60% and positioned at 7,068.10 levels. 10 out of 11 sectors are down along with ASX 200. Health Care is the top-performing sector currently, gaining 0.25% and 1.73% for the past five days.

 Imugene Limited (ASX: IMU) and PolyNovo Limited (ASX: PNV) are the top gainers currently, with 7.352% and 5.263% growth in their share prices. On the other hand, JB Hi-Fi Limited (ASX: JBH) and Novonix Limited (ASX: NOV) are the top losers, with a 6.822% and 6.616% drop in their share prices.

Factors influencing the market:

• Wall Street ended lower on Wednesday, driven probably by fears about the US economy after the retailer turn out to be the recent victim of rising prices.
• Rising inflation, the Ukraine conflict, prolonged supply chain challenges, and pandemic-related lockdowns in China are other factors influencing the market.
• There is a buzz in the market about the probable recession by the end of 2022 and early 2023.
• NASDAQ-100, NASDAQ Composite, S&P 500 and Down Industrial ended lower by 5.06%, 3.20%, 4.04%, and 3.57% respectively.
• The Hang Seng is down -2.41% and the FTSE 100 is down -1.07% today.

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