ASX 200 slumps led by tech; Magellan plunges on fund hit
ASX declines on tech and communication stocks. Magellan plunges on fund hit, Tabcorp jumps on Qld deal, Rex hits back at unions, energy rally continues and petrol to hit $2.25.
Welcome to the Trading Day blog for Monday, June 6. The Australian sharemarket slumped on Monday as tech and communication services stocks counteracted gains by energy and utilities sectors.
The S&P/ASX 200 index fell 0.5 per cent or 32.45 points to 7206.30 with 8 or the 11 sectors in the red.
In the US, stocks retreated after the May non-farm payrolls report came in much stronger than expected, paving the way for a half-point rate rise when the Federal Reserve next meets.
The Dow Jones declined 1.1 per cent, the S&P 500 index lost 1.6 per cent and the tech-heavy Nasdaq dropped 2.5 per cent.
Among commodities, crude oil rallied after OPEC+ agreed to only a slight increase in output, falling short of what investors believe will be needed as China emerges from lockdowns. That pushed Nymex crude oil up 1.2 per cent to $US120.26 a barrel.
Iron ore climbed 1.5 per cent to $US144.4 a tonne and the Australian dollar was trading around US72.05c.
ASX 200 down as NAB, Santos, MinRes hit
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RBA delivers ‘hawkish’ rate cut; ASX down
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