Mid-Market: S&P/ASX 200 Sharply Lower By 1.86%; In Line With US Markets

On 07 July 2023, at AEST 10:55 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 133.20 points or 1.86%, and is currently trading at 7,030.40 levels. All 11 sectors are trading lower along with the S&P/ASX 200. The Information Technology and Energy sectors are the top 2 losing sectors, declining 2.16% and 2.15% in their index values.

Cromwell Property Group (ASX: CMW) and Amcor PLC (ASX: AMC) are the top-gaining stocks, gaining 1.388% and 0.955% in their stock prices. On the other hand, Pinnacle Investment Management Group Limited (ASX: PNI) and Paladin Energy Limited (ASX: PDN) are the top-losing stocks and are declining by 5.231% and 5.000% in their stock prices.

Factors influencing the market-

• S&P/ASX 200 is falling sharply as Investors sold shares in interest rate-sensitive tech, banking, and real estate businesses on concerns the US FED will lift interest rates in July, and Australia’s Reserve Bank will follow its move in August to cool economies still delivering hot jobs data.
• The materials sector has tanked %, with BHP shares down 2.3% and gold miner Northern Star off 2.8% as investors worry about China’s economic rebound.
• Dow has closed down by 1.07%, S&P 500 down by 0.79%, and NASDAQ ended lower by 0.82%.
• Hang Seng is down by 3.02%, and FTSE 100 is down by 2.17%.

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