Mid-Market: S&P/ASX 200 Trading Lower By 0.56%; Tracking Europe And US Markets

On 25 May 2023, at AEST 11:20 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 40.50 points or 0.56%, and is currently trading at 7,173.60 levels. Out of 11 sectors, 10 sectors are trading lower along with the S&P/ASX 200.

The Information Technology sector is the only gaining sectors, gaining 0.48% in its index value. On the other hand, the Materials and A-REIT sectors were the top 2 losing sectors, declining 1.54% and 0.91% in their index values.

Costa Group Holdings Limited (ASX: CGC) and Megaport Limited (ASX: MP1) are the top-gaining stocks, gaining 5.462% and 2.977% in their stock prices. On the other hand, Capricorn Metals Limited (ASX: CMM) and Lovisa Holdings Limited (ASX: LOV) are the top-losing stocks and are declining by 4.409% and 4.039% in their stock prices.

Factors influencing the market-

• S&P/ASX 200 is declining following markets across Europe and the US sold off sharply. A shock UK inflation report caused bond yields to soar, and US Treasury Secretary Janet Yellen notified the country would run out of cash by June 01.
• Treasury Wine Estate is the top losing stock after the company’s chief executive Tim Ford said sales will be down overall across the group by 2 to 3%.
• Oil prices declined in early Asian trading after uncertainty that the United States will avoid a debt default weighed against the prospect of further OPEC+ production cuts.
• Dow has closed down by 0.77%, S&P 500 down by 0.73%, and NASDAQ ended lower by 0.61%.
• Hang Seng is down by 1.62%, and FTSE 100 is down by 1.75%.

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