S&P/ASX 200 Dropped 2.22%; Mirroring Wall Street Heavy Losses

On 10 May 2022, at AEST 11:55 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 158 points or 2.22%, and is currently trading at 6962.70 levels. All 11 sectors are trading lower along with the S&P/ASX 200. The Energy and Materials sectors are the top 2 losers, declining 4.56% and 3.37% in their index value.

Polynovo Limited (ASX: PNV) and Pendal Group Limited (ASX: PDL) are the top gaining stocks, gaining 13.978% and 6.288% in their stock prices. On the other hand, AUB Group Limited (ASX: AUB) and Chalice Mining Limited (ASX: CHN) are the top losing stocks, declining 13.820% and 8.151% in their stock prices.

Factors influencing the market-

• Brent crude is falling by more than 1.0% as on-demand worries after coronavirus lockdown is tightened in China.
• The Australian shares dropped to their lowest in three months, mirroring Wall Street's worries about global growth as China intensifies its Zero-Covid policy and aggressive interest rate hikes.
• US Fed warned of deteriorating market liquidity conditions across key financial markets due to rising risk from war in Ukraine, monetary tightening and high inflation.
• Pendal Group’s share price is rising after it announced that its 1HFY2022 underlying profit rose 59% to $131.4, and fee revenue jumped 30% to $362.6 million.
• Dow has closed down by 2.0%, S&P 500 declined by 3.2%, and NASDAQ closed down by 4.3%.
• Hang Seng is down by 3.42%, and FTSE 100 is down by 2.32%.

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