Mid-Market: S&P/ASX 200 Trading Lower; Tech Sector Leading The Losses

On 16 October 2024, at AEDT 11:30 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 29.50 points or 0.35%, and is currently trading at 8,288.90 levels. Out of 11, 10 sectors are trading lower along with the decline in the S&P/ASX 200.

The Financials sector is the only gaining sector, gaining 0.48% in its index value. On the other hand, Information Technology and Industrials sectors are the top 2 declining sectors, declining 0.95% and 0.90% in their index values.

Bank Of Queensland Limited (ASX: BOQ) and Evolution Mining Limited (ASX: EVN) are the top-gaining stocks, gaining 5.263% and 4.051% in their stock prices. On the other hand, Deep Yellow Limited (ASX: DYL) and Pilbara Minerals Limited (ASX: PLS) are the top-losing stocks and are declining by 4.181% and 4.122% in their stock prices.

Factors influencing the market-

• S&P/ASX 200 is declining todays as miners are under pressure today after an overnight tumble in oil prices sapped appetite for the commodity sectors.
• Bank of Queensland rallied after has cut its final dividend from 21¢ to 17¢ as the under-pressure lender grapples with the enormity of its turnaround.
• Oil prices tumbled more than 4% to a near two-week low on Tuesday due to a weaker demand outlook and after a media report said Israel would not strike Iranian nuclear and oil sites, easing fears of a supply disruption.
• The Dow has closed down by 0.75%, the S&P 500 closed down by 0.76%, and the NASDAQ ended lower by 0.98%.
• Hang Seng is down by 3.67%, and FTSE 100 is down by 0.52%.

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