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Yesterday our local market closed in the red for the first time this week, declining 0.5%, off the back of renewed worries about a global recession. This led to a sharp fall in the Aussie dollar, commodity prices and global markets.
Mining and energy stocks suffered heavy losses, with both sectors sinking more than 5%, offsetting the gains seen across most other sectors, like real estate and tech.
Looking at the ASX200 leaderboard, many of the winners were tech stocks, following the strong lead from the US Nasdaq. Stocks like Megaport (ASX:MP1), Life360 (ASX:360), Zip (ASX:ZIP) and EML Payments (ASX:EML), were all up more than 10%. On the flip side, the ten biggest decliners were all from the materials sector, led by gold miner St Barbara (ASX:SBM), which was down 9.5%, along with stocks like Rio Tinto (ASX:RIO) and Woodside Energy (ASX:WDS).
In the US, stocks pushed slightly higher following the latest minutes from the US Federal Reserve, which reiterated the central bank’s commitment to bringing down inflation. Energy stocks were some of the worst performers on the day, as oil prices continued their recent slide.
What to watch today: