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Our local market started the new trading week with a loss of 1.1%, with the majority of the industry sectors in the red. The materials and tech sector felt the most pressure, as investors braced for a US inflation reading, as well as domestic jobs update later this week.
Looking at the ASX200 leaderboard, EML Payments (ASX:EML) fell a massive 25% after its chief executive Tom Cregan exiting the fintech group with no explanation. NOVONIX (ASX:NVX), Costa Group Holdings (ASX:CGC) and Domino’s Pizza (ASX:DMP), were all hit with bearish broker notes, while lithium company Lake Resources (ASX:LKE) plunged 6.3%, following revelations that the stock is now being heavily shorted off the back of its CEO’s resignation last month and pessimistic projections for lithium demand. On the flip side, the best performers yesterday included New Hope Corporation (ASX:NHC), Imugene (ASX:IMU) and Suncorp Group (ASX:SUN).
The most traded stocks by Bell Direct clients yesterday, there were multiple financial stocks like three of the big four banks, as well as Bank of Queensland (ASX:BOQ), and mining stocks like BHP Group (ASX:BHP) and Allkem (ASX:AKE).
In the US, equities fell on Monday as investors prepare for big company earnings reports and US economic data, including consumer prices, retail sales and factory output due out later in the week, which will give an indication of the extent to which inflation has peaked, as well as how inflation is impacting businesses. The Dow Jones shed 165 points, the S&P500 fell 1%, while the Nasdaq broke its five-day winning streak, down 2.3%
What to watch today: