ASX/200 Closed Lower by 0.27%, Dragged down by Information Technology

By the end of the trading session on 18 July 2024, the benchmark index S&P/ASX 200 ended lower by 0.27% and settled at 8036.50. Out of 11 sectors, 7 sectors closed lower along with the ASX 200.

Utilities and Healthcare is the top-gaining sectors, gaining 0.35% and 0.28% in their index value.  Information Technology and Telecommunications Services were the top-losing sectors, losing 3.39% and 1.20% respectively in their index values.

Liontown Resource Limited (ASX: LTR) and Evolution Mining Limited (ASX: EVN) are the top-gaining stocks, gaining 3.664 % and 2.763% in their stock prices. On the other hand, Domino's Pizza Enterprises Limited (ASX: DMP) and Wisetech Global Limited (ASX: WTC) went down by 8.230% and 6.230% respectively are the top-losing stocks.

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Top gainer for the day:

• Utilities (Up 0.35%)
• Healthcare (Up 0.28%)

Top loser for the day:

• Information Technology (Down 3.39%)
• Telecommunications Services (Down 1.20%)

 Other Factors influencing the market:

• Australia's technology stocks fell 3.4% on Thursday, partly reversing an 18-month gain in the sector and matching a global sell-off in companies associated with the emergence of artificial intelligence.
• The Biden administration was reportedly considering strong trade restrictions if businesses like Tokyo Electron and ASML continue to provide China with access to cutting-edge semiconductor technology. This news prompted the aggressive selling around the Asia Pacific region.
• The tech-heavy Nasdaq index on Wall Street had a 2.8% decline on Thursday, marking its worst day since 2022, while the Nikkei 225 Index in Japan fell by 2.3%.
• Data released throughout the day revealed that the Australian economy created 50,200 jobs in June, more than double the expected number, but the unemployment rate increased slightly to 4.1%. Bond traders increased their bets that the Reserve Bank would hike interest rates from 14 to 20 percent in August as a result.
• Domino's Pizza shares dropped 8.2% to AU$33.12 following the company's announcement that it will eliminate locations in France and Japan and that its growth projections for new locations will be revised downward.
• Guzman y Gomez, Domino's fast-food competitor, saw its shares rise 1.1% to AU$26.80 as investors dismissed the news.
• In other news, Accent Group, a fast-fashion and footwear retailer, said that it would close eighteen Glue outlets because of the young fashion brand's poor performance.
• Brent crude oil prices are approximately AUD 122 per barrel, and West Texas Intermediate (WTI) crude oil is around AU$116 per barrel.
• The Dow has closed up by 0.59%, the S&P 500 closed down by 1.39%, and the NASDAQ ended down by 0.99%.
• Hang Seng is up by 0.35%, and FTSE 100 is up by 0.67%.

Top 5 Gainers and Losers Scoreboard:

90-Day Average Volume Outlier:

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