Mid-Market: S&P/ASX 200 Trading Lower; Dragged Down Mining Stocks By

On 07 August 2024, at AEST 11:00 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 19.60 points or 0.26%, and is currently trading at 7,661.00 levels. Out of 11 sectors, 9 sectors are trading higher despite the decline in the S&P/ASX 200.

The Utilities and Consumer Discretionary sectors are the top 2 gaining sectors, gaining 0.37% and 0.20% in their index values. On the other hand, Materials and Consumer Staples sectors are the top 2 declining sectors, declining 0.27% and 0.05% in their index values.

Arcadium Lithium Ltd (ASX: LTM) and Fisher & Paykel Healthcare Corporation Limited (ASX: FPH) are the top-gaining stocks, gaining 6.234% and 2.615% in their stock prices. On the other hand, Block Inc. (ASX: SQ2) and Audinate Group Limited (ASX: AD8) are the top-losing stocks and are declining by 4.482% and 4.392% in their stock prices.

Factors influencing the market-

• S&P/ASX 200 is declining today as investors pondered about the outlook for interest rates after the Reserve Bank poured cold water over the prospect of an easing this year.
• Gold prices declined in the previous session on dollar strength and higher bond yields, although expectations of a U.S. rate cut in September and escalating geopolitical tensions in the Middle East kept bullion stable following last session’s sharp retreat.
• Oil prices bounced off multi-month lows, as investor attention turned to supply tightness and financial markets recovered from their recent slump.
• The Dow has closed up by 0.76%, the S&P 500 closed up by 1.04%, and the NASDAQ ended higher by 0.98%.
• Hang Seng is down by 0.31%, and FTSE 100 is up by 0.23%.

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