S&P/ASX 200 Dropped; Dragged Down by IT and Healthcare Sectors

On 02 June 2022, at AEST 12:09 PM, the benchmark index S&P/ASX 200 is trading lower today, declining 62.70 points or 0.87%, and is currently trading at 7,171.30 levels. Out of 11 sectors, 10 sectors are trading lower along with the S&P/ASX 200.

The Energy sector is the only gaining sector, gaining 2.61% in its index value. On the other hand, The Information Technology and Healthcare sectors are the top 2 losing sectors, declining 1.86% and 1.81% in their index values.

Liontown resources Limited (ASX: LTR) and Woodside Energy Group Ltd (ASX: WDS) are the top gaining stocks, gaining 5.458% and 4.703% in their stock prices. On the other hand, Life360 Inc (ASX: 360) and Polynovo Limited (ASX: PNV) are the top losing stocks and are declining 5.556% and 4.185% in their stock prices.

Factors influencing the market-

• Lithium miners extended losses after yesterday Argentina customs set a reference price of exports after detecting irregularities with shipments. Also, Goldman Sachs warned that the price of key battery metals – cobalt, lithium, and nickel would drop over the next two years.
• Brent crude oil prices are falling by 1.87% to $113.69 per barrel as investors booked profits ahead of a key producers' meeting later in the day.
• Dow has closed down by 0.5%, S&P 500 dropped by 0.8%, and NASDAQ closed lower by 0.7%.
• Hang Seng is down by 1.54%, and FTSE 100 is down by 0.98%.

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