Mid-Market: S&P/ASX 200 Trading Lower By 0.78%; Mirroring US Market Sell Off

On 03 August 2023, at AEST 11:10 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 57.70 points or 0.78%, and is currently trading at 7,296.40 levels. Out of 11 sectors, 9 sectors are trading lower along with the S&P/ASX 200.

The Consumer Staples and Utilities sectors are the top 2 gaining sectors, gaining 0.49% and 0.02% in their index values. On the other hand, the Information Technology and Materials sectors are the top 2 losing sectors, declining 2.26% and 1.02% in their index values.

Virgin Money UK Plc (ASX: VUK) and Orica Limited (ASX: ORI) are the top-gaining stocks, gaining 4.017% and 1.030% in their stock prices. On the other hand, Pinnacle Investment Management Group Limited (ASX: PNI) and Lake Resources N.L. (ASX: LKE) are the top-losing stocks and are declining by 4.785% and 4.546% in their stock prices.

Factors influencing the market-

• The Australian share market is trading lower, mirroring the U.S. market's overnight heavy sell-off as an AMD-fuelled slump in tech and the Fitch Ratings downgrade of U.S. debt weighed on investor sentiment.
• Downer EDI Limited's share price is declining after it flagged a $549.6 million impairment in its financial results due next week.
• The energy sector is trading in red, tumbling approx. 1.68%, with Woodside, Ampol, and Santos all opening more than 1% lower.
• Oil prices rose slightly in early Asian trading as markets weighed bullish U.S. inventory data on Wednesday and a likely extension of OPEC+ output cuts against the fallout of Fitch's downgrade of the U.S. government's top credit.
• Dow has closed down by 0.98%, S&P 500 down by 1.38%, and NASDAQ ended lower by 2.17%.
• Hang Seng is down by 2.47%, and FTSE 100 is down by 1.36%.

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