Mid-Market: S&P/ASX 200 Trading Sharply Lower; Amid Global Markets Down

On 05 August 2024, at AEST 11:30 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 207.30 points or 2.61%, and is currently trading at 7,735.80 levels. All 11 sectors are trading lower along with the decline in the S&P/ASX 200. The Information Technology and Financials are the top 2 declining sectors, declining 3.68% and 2.79% in their index values.

Resmed Inc. (ASX: RMD) and TPG Telecom Limited (ASX: TPG) are the top-gaining stocks, gaining 5.660% and 2.173% in their stock prices. On the other hand, Alcoa Corporation (ASX: AAI) and Block Inc. (ASX: SQ2) are the top-losing stocks and are declining by 12.065% and 9.161% in their stock prices.

Factors influencing the market-

• The Australian share market is in the midst of its worst two-day sell off in two years, as rising US recession fears pour more fuel onto the index’s Friday sell-down.
• Shares in the US fell over the weekend after July non-farm payrolls data released in the US on Friday shocked Wall Street, with the number of new jobs missing estimates and the jobless rate rising faster than expected.
• Brent climbed above US$77 a barrel after closing at its lowest since January 10 on Friday, as tensions in the Middle East intensified ahead of an anticipated Iranian strike on Israel.
• The Dow has closed down by 1.51%, the S&P 500 closed down by 1.84%, and the NASDAQ ended lower by 2.43%.
• Hang Seng is down by 2.08%, and FTSE 100 is down by 1.31%.

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