Mid-Market: S&P/ASX 200 Trading Lower By 0.67%; Due to Sell-Off In Materials Sector

On 06 July 2023, at AEST 10:55 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 48.80 points or 0.67%, and is currently trading at 7,204.40 levels. All 11 sectors are trading lower along with the S&P/ASX 200. The Materials and Financials sectors are the top 2 losing sectors, declining 0.59% and 0.52% in their index values.

Block Inc. (ASX: SQ2) and Sayona Mining Limited (ASX: SYA) are the top-gaining stocks, gaining 5.507% and 1.351% in their stock prices. On the other hand, Magellan Financial Group Limited (ASX: MFG) and ARB Corporation Limited (ASX: ARB) are the top-losing stocks and are declining by 5.859% and 5.049% in their stock prices.

Factors influencing the market-

• S&P/ASX 200 is dropping today as the Federal Reserve’s minutes from its June meeting showed a further appetite to resume hikes.
• The mining sector is declining by more than 1.00% following BHP Group shares dropping 1.7%, Rio Tinto lost 1.2%, Fortescue Metals shed 1.5%, South32 fell 2.2%, and Liontown dropped 3.4%.
• Dow has closed down by 0.38%, S&P 500 down by 0.20%, and NASDAQ ended lower by 0.18%.
• Hang Seng is down by 1.57%, and FTSE 100 is down by 1.03%.

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