S&P/ASX 200 Slips By 1.99%; Mirroring Wall Street

On 29 August 2022, at AEST 12:10 PM, the benchmark index S&P/ASX 200 is trading lower today, declining 141.20 points or 1.99%, and is currently trading at 6,962.90 levels. All 11 sectors are trading lower along with the S&P/ASX 200. The Information Technology and Energy sectors are the top 2 losing sectors, declining 3.87% and 2.10% in their index values.

The A2 Milk Company Limited (ASX: A2M) and Tyro Payments Limited (ASX: TYR) are the top gaining stocks, gaining 8.248% and 7.500% in their stock prices. On the other hand, Polynovo Limited (ASX: PNV) and Life360 Inc (ASX: 360) are the top losing stocks and are declining 14.025% and 11.196% in their stock prices.

Factors influencing the market-

• Australian share market is falling by 1.99% after U.S. Federal Reserve chairman Jerome Powell's hawkish message on interest rates unleashed panic on Wall Street, declaring the Fed must keep tightening until inflation is defeated.
• The A2 Milk Company's share price gained after it announced to undertake a capital return of up to NZ$150 million via an on-market share buyback which is forecasted to commence towards the end of September.
• Oil prices are marginally higher today as hopes of a supply cut by OPEC offset heightened concerns over an economic slowdown forecast by the U.S. Federal Reserve.
• Dow has closed down 3.0%, S&P 500 down by 3.4%, and NASDAQ closed lower by 3.9%.
• Hang Seng is down by 1.04%, and FTSE 100 is down by 0.70%.

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