Mid-Market: S&P/ASX 200 Trading Lower; All 11 Sectors Are Trading In Red Zone

On 16 April 2024, at AEST 11:00 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 91.90 points or 1.19%, and is currently trading at 7,660.60 levels. All 11 sectors are trading lower along with the decline in the S&P/ASX 200. The A-REIT and Energy sectors are the top 2 declining sectors, declining 1.42% and 1.36% in their index values.

IPH Limited (ASX: IPH) and BWP Trust (ASX: BWP) are the top-gaining stocks, gaining 1.644% and 1.335% in their stock prices. On the other hand, The Star Entertainment Group Limited (ASX: SGR) and Block Inc. (ASX: SQ2) are the top-losing stocks and are declining by 9.794% and 4.834% in their stock prices.

Factors influencing the market-

• The Australian share market dropped in line with Wall Street after much stronger than predicted US retail sales data dented hopes of interest rate cuts. Much of the damage in shares came after US retail sales rose by more than estimate in March, showcasing resilient consumer demand, stoking speculation the Federal Reserve will keep rates high for longer.
• Hub24 Limited’s shares retreated even as it posted a record March quarter, putting it on track to meet its $92 billion to $100 billion funds under administration (FUA) target in fiscal 2025.
• Oil prices rose today amid heightened tensions in the Middle East after Israel's military chief said his country would respond to Iran's weekend missile and drone attack amid calls for restraint by allies.
• The Dow has closed down by 0.65%, the S&P 500 down by 1.20%, and the NASDAQ ended lower by 1.79%.
• Hang Seng is trading flat, and FTSE 100 is down by 0.38%.

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