S&P/ASX 200 Trading Lower Following Weak Wall Street Performance

On 10 June 2022, at AEST 12:04 PM, the benchmark index S&P/ASX 200 is trading lower today, declining 53.90 points or 0.77%, and is currently trading at 6,965.80 levels. Out of 11 sectors, 7 sectors are trading lower along with the S&P/ASX 200.

The Financial and Consumer Staples sectors are the top 2 gaining sectors, gaining 0.74% and 0.48% in their index values. On the other hand, the Energy and Materials sectors are the top 2 losing sectors, declining 2.74% and 2.51% in their index values.

Healius Limited (ASX: HLS) and Australia And New Zealand Banking Group Limited (ASX: ANZ) are the top gaining stocks, gaining 2.393% and 2.119% in their stock prices. On the other hand, Lynas Rare Earths Limited (ASX: LYC) and Alumina Limited (ASX: AWC) are the top losing stocks and are declining 7.866% and 6.061% in their stock prices.

Factors influencing the market-

• The fall in the Information Technology sector mirroring the sell-off in the NASDAQ in the previous session ahead of an inflation report due today that will factor into the Federal Reserve's plan on the pace of monetary policy tightening.
• The materials sector is declining after the news that China will mass test residents in Shanghai.
• Investor sentiment influenced by the decision by European Central Bank (ECB) to signal forthcoming interest rate increase combined with higher projections for inflation and lower growth forecast.
• The revised growth outlook from ECB echoed scaled back projections from the World Bank and OECD earlier this week. It might probably create fears related to stagflation.
• Dow has closed down by 1.9%, S&P 500 down by 2.4%, and NASDAQ closed lower by 2.8%.
• Hang Seng is down by 1.10%, and FTSE 100 is down by 1.54%.

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