S&P/ASX 200 closes down 70.90 points after Wall Street plunges

MacroPrice Action
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Summary · why it matters

The S&P/ASX 200 index of the Australian stock market closed down 70.90 points, or 0.78%, at 8,967.70 points today, after investors sold off following a heavy Wall Street plunge on Wednesday, triggered by a non-unanimous Federal Reserve meeting and geopolitical tensions. The Fed voted 9 to 3 to hold short-term interest rates at 3.50 to 3.75 percent for the fifth consecutive meeting, while three FOMC members voted for a 0.25 percent rate hike due to concerns over inflation staying above the 2 percent target for more than five years. Stocks fell broadly, led by technology, logistics, retail, and non-energy minerals sectors. BHP Group dropped 1.4 percent and Fortescue fell 0.9 percent. Gold mining stocks tumbled, with Northern Star Resources down 3.5 percent and Evolution Mining down 2.8 percent.

Impact on stocks 1

Critical Materials & Supply Chain▼ · 1 stocks
BHP Group Limited
BHP
▼ NegativeMonetaryrelevance

Fed's hawkish hold and rate hike dissent signal tighter monetary policy, weighing on equities broadly.

Off-coverage companies 3

Evolution Mining LimitedPrivate▼ Negative
Monetaryrelevance

Gold mining stocks tumbled as Fed's hawkish stance pressures gold prices.

Northern Star Resources LimitedPrivate▼ Negative
Monetaryrelevance

Gold mining stocks tumbled as Fed's hawkish stance pressures gold prices.

Fortescue LtdPrivate▼ Negative
Monetaryrelevance

Fed's hawkish hold and rate hike dissent signal tighter monetary policy, weighing on equities broadly.

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