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It was the worst week for the Australian market since the beginning of the pandemic in 2020. Week-to-date the ASX200 is down 6.6%, led by losses on Wall Street on concerns around aggressive policy tightening.
On Friday, the ASX200 closed 1.8% lower, with materials, tech, financials and energy down the most.
Taking a closer look at the leaderboard, the worst performing stock was G.U.D Holdings (ASX:GUD). The company is a designer, manufacturer and distributor of automatic products and its share price crashed 20% on Friday, following a guidance update, where the company downgraded its guidance due to supply chain disruptions. And some big tech names were finally in the green, including EML Payments (ASX:EML) and Zip Co (ASX:ZIP), regaining some of those prior losses.
On Wall Street, the major benchmarks closed mixed. The Dow Jones slipped 38 points or 0.13%. The S&P500 rose slightly higher, up 0.2%, however still had its worst week since 2020, down 5.8% for the week, with all 11 sectors finishing more than 15% below their recent highs. Meanwhile, the tech-heavy Nasdaq gained 1.4%.
What to watch today: