Mid-Market: S&P/ASX 200 Trading Higher; Buoyed By Tech Sector

On 23 July 2024, at AEST 11:00 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining  35.70 points or 0.45%, and is currently trading at 7,967.40 levels. Out of 11 sectors, 10 sectors are trading higher along with the gain in the S&P/ASX 200.

The Information Technology and Healthcare sectors are the top 2 gaining sectors, gaining 1.88% and 1.16% in their index values. On the other hand, Energy sector is the only declining sector, declining 1.04% in its index value.

Zip Co Ltd (ASX: ZIP) and Insignia Financial Group Limited (ASX: IFL) are the top-gaining stocks, gaining 8.849% and 5.800% in their stock prices. On the other hand, Lynas Rare Earths Limited (ASX: LYC) and Woodside Energy Ltd (ASX: WDS) are the top-losing stocks and are declining by 1.819% and 1.784% in their stock prices.

Factors influencing the market-

• S&P/ASX 200 opened higher, tracking gains overseas. The Nasdaq Composite rebounded strongly to start the week with quarterly results pending from Alphabet and Tesla.
• Woodside Energy Limited’s shares are declining today after the company’s revenue in the June quarter rose 2% to $3.03 billion, compared to the previous quarter and said it was on track to meet its guidance.
• Oil prices fell in the previous session to their lowest level in over a month, as investors looked past U.S. President Joe Biden's decision to end his reelection bid and focused on rising stockpiles and signs of weak demand.
• The Dow has closed up by 0.32%, the S&P 500 closed up by 1.08%, and the NASDAQ ended higher by 1.58%.
• Hang Seng is up by 1.25%, and FTSE 100 is down by 0.53%.

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