Mid-Market: S&P/ASX 200 Sharply Lower By 0.93%; Mirroring US Markets

On 22 June 2023, at AEST 11:20 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 67.90 points or 0.93%, and is currently trading at 7,247.30 levels. All 11 sectors are trading lower along with the S&P/ASX 200.

On the other hand, the Information Technology and A-REIT sectors are the top 2 losing sectors, declining 2.20% and 1.60% in their index values.

Sayona Mining Limited (ASX: SYA) and Telix Pharmaceuticals Limited (ASX: TLX) are the top-gaining stocks, gaining 2.777% and 2.198% in their stock prices. On the other hand, Gold Road Resources Limited (ASX: GOR) and Megaport Limited (ASX: MP1) are the top-losing stocks and are declining by 8.167% and 5.257% in their stock prices.

Factors influencing the market-

• Australian share market is falling today as investors continued to hit pause on tech after Federal Reserve Chairman Jerome Powell talked up the need to resume rate hikes later this year.
• Gold Road Resources Limited is declining after the company lowered its forecast on annual production from the company's Gruyere mine. It is now expected its yearly production at between 320,000 and 350,000 ounces, down from its earlier forecast of 340,000 to 370,000 ounces.
• Oil prices held on to most of the previous day's gains in early trade today as markets weighed an unexpected draw in U.S. crude oil stocks against the prospect of weaker demand after the Federal Reserve chairman hinted at further interest rate hikes. 
• Gold prices moved little today but were revolving from four straight days of losses as uncertainty over the FED's next interest rate decision kept traders wary of the yellow metal.
• Dow has closed down by 0.30%, S&P 500 down by 0.52%, and NASDAQ ended lower by 1.21%.
• Hang Seng is down by 1.98%, and FTSE 100 is down by 0.13%.

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