Mid-Market: S&P/ASX 200 Trading Sharply Lower; Taking Direction From US Markets

On 25 July 2024, at AEST 11:30 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 77.80 points or 0.98%, and is currently trading at 7,885.90 levels. All 11 sectors are trading higher along with the gain in the S&P/ASX 200. The Information Technology and Consumer Discretionary are the top 2 declining sectors, declining 1.80% and 1.22% in their index values.

Coronado Global Resources Inc. (ASX: CRN) and Newmont Corporation (ASX: NEM) are the top-gaining stocks, gaining 4.400% and 1.988% in their stock prices. On the other hand, Regis Resources Limited (ASX: RRL) and Block Inc. (ASX: SQ2) are the top-losing stocks and are declining by 9.163% and 6.164% in their stock prices.

Factors influencing the market-

• Australian shares are declining today in broad losses across every sector, with mining stocks extending a poor run with another day of heavy falls on worries over China’s economy.
• Macquarie Group’s shares are declining today after the company said a weak quarter for its investment banking division dragged down earnings in an otherwise flat result for the financial services giant, which told investors it remained “cautious” about the outlook.
• Oil prices settled higher in the previous session, recovering from a recent wobble as traders weighed a larger-than-expected dip in U.S. crude inventories against a softer global demand outlook.
• The Dow has closed up by 1.25%, the S&P 500 closed up by 2.31%, and the NASDAQ ended higher by 3.64%.
• Hang Seng is down by 0.91%, and FTSE 100 is down by 0.17%.

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