S&P/ASX 200 Trading lower; Dragged down by IT and Materials Sectors

On 06 June 2022, at AEST 12:05 PM, the benchmark index S&P/ASX 200 is trading lower today, declining 24.30 points or 0.34%, and is currently trading at 7,214.50 levels. 8 out of 11 sectors are trading lower along with the S&P/ASX 200.

The Energy and Healthcare sectors are the top 2 gaining sectors, gaining 1.53% and 0.25% in their index value. On the other hand, Information Technology and Materials sectors are the top 2 losing sectors, with 1.84% and 0.94% drop in their index values respectively.

Tabcorp Holdings Limited (ASX: TAH) and Clinuvel Pharmaceuticals Limited (ASX: CUV) are the top gaining stocks, gaining 3.723% and 2.819% in their stock prices. On the other hand, Magellan Financial Group Limited (ASX: MFG) and Tyro Payments Limited (ASX: TYR) are the top losing stocks and are declining 13.262% and 5.665% in their stock prices.

Factors influencing the market-

• Brent crude oil jumped after Saudi Arabia raised prices sharply for its crude sale in July 2022.
• Magellan Financial's share price is falling by more than 13% following the company's announcement that its funds under management fell by $3.6 billion in May 2022.
• Dow has closed down by 1.1%, S&P 500 down by 1.6%, and NASDAQ closed lower by 2.5%.
• Hang Seng is up by 0.68%, and FTSE 100 is down by 0.98%.

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