Australia markets close in 2 hours 55 minutes
  • ALL ORDS

    6,787.80
    -24.40 (-0.36%)
     
  • ASX 200

    6,565.00
    -23.50 (-0.36%)
     
  • AUD/USD

    0.7374
    -0.0005 (-0.06%)
     
  • OIL

    44.18
    -0.37 (-0.83%)
     
  • GOLD

    1,815.90
    -3.00 (-0.16%)
     
  • BTC-AUD

    25,585.53
    +168.32 (+0.66%)
     
  • CMC Crypto 200

    370.02
    -9.84 (-2.59%)
     
  • AUD/EUR

    0.6105
    -0.0003 (-0.05%)
     
  • AUD/NZD

    1.0441
    +0.0006 (+0.06%)
     
  • NZX 50

    12,751.32
    +21.42 (+0.17%)
     
  • NASDAQ

    12,455.33
    +187.03 (+1.52%)
     
  • FTSE

    6,384.73
    +118.54 (+1.89%)
     
  • Dow Jones

    29,823.92
    +185.32 (+0.63%)
     
  • DAX

    13,382.30
    +91.10 (+0.69%)
     
  • Hang Seng

    26,469.31
    -98.37 (-0.37%)
     
  • NIKKEI 225

    26,735.05
    -52.49 (-0.20%)
     

ASX sheds 3% in $56bn bloodbath

Anastasia Santoreneos
·2-min read
Here's the latest market news. Source: Getty
Here's the latest market news. Source: Getty

The benchmark S&P/ASX200 (^AXJO) has shed $56 billion, after plunging nearly 3 per cent to 5,936.30 at 1:27pm AEST, dragged down by tech and healthcare stocks.

The broader All Ordinaries index (^AORD) is also down 2.61 per cent to 6,136.80 points.

What happened this morning?

The Australian share market is set for a shocking day of trade, after Wall Street saw its biggest sell-off since early June.

It comes just days after the share market recorded its best gain since early August, even shrugging off confirmation that the nation was in its first recession in nearly 30 years.

The benchmark S&P/ASX200 (^AXJO) opened more than 2 per cent lower to 5,970 points, with the information technology sector trading more than 3 per cent lower at 10:10 AEST.

The broader All Ordinaries index (^AORD) also opened 2.49 per cent lower to 6,144.0 points.

What happened overnight?

A stellar rally on Wall Street has come to an abrupt end, after the Dow Jones tanked nearly 800 points on Thursday by early afternoon trading, and the tech-heavy Nasdaq plunged about 4 per cent.

The dip was led by some of the pandemic’s leading stocks, with Amazon and Microsoft diving 5 per cent, Apple and Tesla 7 per cent, and Zoom 11 per cent.

Finance commentators believe the sell-off was well overdue, with valuations on big tech names like Tesla simply getting out of hand.

“It could be the start [of a correction],” Belpointe Asset Management chief strategist David Nelson told Yahoo Finance’s The First Trade. “I don’t think the stock market — and particularly the S&P 500 and Nasdaq — really represents what is going on in the economy.”

Yahoo Finance's All Markets Summit is back! Don't miss out. Book your ticket for 17 Septemeber. Source: Supplied
Yahoo Finance's All Markets Summit is back! Don't miss out. Book your ticket for 17 Septemeber. Source: Supplied

Are you a millennial or Gen Z-er interested in joining a community where you can learn how to take control of your money? Join us at The Broke Millennials Club on Facebook!