S&P/ASX 200 Trading Lower By 0.60%; Mirroring Wall Street

On 07 October 2022, at AEDT 12:15 PM, the benchmark index S&P/ASX 200 is trading lower today, declining 41.00 points or 0.60%, and is currently trading at 6,776.50 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 1.07% in its index value. On the other hand, A-REIT and Information Technology sectors are the top 2 losing sectors, declining 1.84% and 1.13% in their index values.

Karoon Energy Ltd (ASX: KAR) and Viva Energy Group Limited (ASX: VEA) are the top-gaining stocks, gaining 9.903% and 2.941% in their stock prices. On the other hand, Iluka Resources Limited (ASX: ILU) and Megaport Limited (ASX: MP1) are the top-losing stocks and are declining by 4.719% and 3.904% in their stock prices.

Factors influencing the market-

• S&P/ASX 200 declining, tracking a drop on Wall Street after US Federal Reserve officials sounded unequivocally committed to rate rises and tip the economy into recession.
• Allkem Limited’s share price is gaining after the International Finance Corporation agreed to lend $US200 million to finance a battery-grade lithium carbonate project in Argentina.
• The oil sector has extended its gains after OPEC, and its allies agreed to cut production by 2 million barrels per day to support prices.
• Dow has closed down by 1.0%, S&P 500 down by 0.7%, and NASDAQ closed lower by 0.4%.
• Hang Seng is up by 5.90%, and FTSE 100 is down by 0.48%.

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