ASX drops 1.18% near noon: All sectors in red
PUBLISHED
2024-06-27
Content
At 11:30am, the S&P/ASX 200 is 1.18 per cent lower at 7,690.90, following inflation data that exceeded expectations, showing a 4 per cent increase for the year to May. In contrast, shares in New York rose, driven by gains in tech stocks such as Apple, Amazon, and Tesla, while Nvidia ended modestly higher and Micron Technology fell nearly 6 per cent after disappointing sales forecasts. Additionally, the Federal Reserve announced that all 31 US banks passed the annual stress test, indicating they are well positioned to handle a severe recession and meet minimum capital requirements.
The SPI futures are pointing to a fall of 101 points.
Best and worst performers
All sectors are in the red. The sector with the fewest losses is Information Technology, down 0.3 per cent. The worst-performing sector is REITs, down 3.24 per cent.
The best-performing large cap is ResMed (ASX:RMD), trading 2.31 per cent higher at $28.29. It is followed by shares in Yancoal Australia (ASX:YAL) and Harvey Norman Holdings (ASX:HVN).
The worst-performing large cap is James Hardie Industries plc (ASX:JHX), trading 2.68 per cent lower at $46.81. It is followed by shares in Auckland International Airport (ASX:AIA) and Suncorp Group (ASX:SUN).
Commodities and the dollar
Gold is trading at US$2309.90 an ounce.
Iron ore is 2.9 per cent higher at US$106.75 a tonne.
Iron ore futures are pointing to a 1.85 per cent rise.
One Australian dollar is buying 66.46 US cents.
Author
Name | Peter Milios | Peter Milios is a recent graduate from the University of Technology - majoring in Finance and Accounting. Peter is currently working under equity research analyst Di Brookman for Corporate Connect Research. |