Mid-Market: S&P/ASX 200 Sharply Lower; Tracking US Markets Losses

On 24 May 2024, at AEST 11:00 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 69.90 points or 0.89%, and is currently trading at 7,741.10 levels. All 11 sectors are trading lower along with the decline in the S&P/ASX 200. The Consumer Discretionary and Utilities sectors are the top 2 declining sectors, declining 1.62% and 1.23% in their index values.

Challenger Limited (ASX: CGF) and Life360 Inc. (ASX: 360) are the top-gaining stocks, gaining 2.795% and 1.766% in their stock prices. On the other hand, Fletcher Building Limited (ASX: FBU) and Emerald Resources Limited (ASX: EMR) are the top-losing stocks and are declining by 3.899% and 3.299% in their stock prices.

Factors influencing the market-

• Australian shares dropped today, reflecting weakness across commodities and after Wall Street’s sell-off. Iron ore declined below US$119 a tonne. Gold slid below US$2340 an ounce as investors pared bets on rate cuts in the US and bond yields climbed.
• Appen Limited’s shares are rising after the company told investors at its annual general meeting that it expects to reach breakeven on an operating basis in FY24.
• Japan’s inflation cooled for a second month while staying above the Bank of Japan’s price target as the yen’s recent depreciation fuels concerns that cost-push inflationary pressures may be here to stay.
• Oil prices were steady early in the today’s session as players took stock of the U.S. FED Reserve's latest comments on interest rates amid sticky inflation, while firming seasonal U.S. fuel demand lent support.
• The Dow has closed down by 1.53%, the S&P 500 closed down by 0.74%, and the NASDAQ ended lower by 0.39%.
• Hang Seng is down by 1.70%, and FTSE 100 is down by 0.37%.

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