S&P/ASX 200 Plunges 4.79%; IT and Materials Sector Leads Broad Sell-Off

On 14 June 2022, at AEST 11:58 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 332.20 points or 4.79%, and is currently trading at 6,599.80 levels. All 11 sectors are trading lower along with the S&P/ASX 200. The Information Technology and Materials sectors are the top 2 losing sectors, declining 7.68% and 6.03% in their index values.

Silver Lake Resources Limited (ASX: SLR) and Uniti Group Limited (ASX: UWL) are the top gaining stocks, gaining 0.643% and 0.405% in their stock prices. On the other hand, Zip Co Limited (ASX: ZIP) and Novonix Limited (ASX: NVX) are the top losing stocks and are declining 19.048% and 14.631% in their stock prices.

Factors influencing the market-

• Australian shares are falling sharply after Wall Street officially entered bear market territory on fears of aggressive U.S. interest rate hikes would push the world's largest economy into recession.
• Investors' expectation for aggressive U.S rate hikes rose after inflation in the year to May shot up by a more than expected 8.6%.
• Today's fall in the shares placing the market on track for one of its worst days since the pandemic began as a strong sell-off in equity markets swept the globe.
• Dow has closed down by 2.8%, S&P 500 down by 3.9%, and NASDAQ closed lower by 4.7%.
• Hang Seng is down by 1.32%, and FTSE 100 is down by 1.53%.

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