ASX 200 hammered in $82bn market wipeout; tech, miners hardest hit

Investors wipe $82bn as the ASX dropped 3.6 per cent, led by mining, tech and banking stocks. BlackRock warned not to buy 'dip'.

Welcome to the Trading Day blog for Tuesday, June 14. The Australian share market dropped 3.6 per cent to its end the trading session at its lowest close since March 2021 following a bloodbath on Wall Street as investors fear inflation and the outlook of interest rates.

The S&P/ASX 200 index closed around 3.6 per cent lower, or 246.00 points, to 6686.00 after falling to lows of 5.3 per cent.

Stocks tumbled in the US, with the Dow Jones off nearly 900 points, ahead of an expected 50 basis point hike by the Federal Reserve on Wednesday.

The Dow Jones slid 2.8 per cent, the S&P 500 index lost 3.9 per cent and the tech-heavy Nasdaq skidded 4.7 per cent.

It follows broad-based falls across Europe on Monday with the pan-European STOXX 600 index down 2.4 per cent to three-month lows. The German Dax index fell by 2.4 per cent and the UK FTSE index lost 1.5 per cent. In London trade, shares of Rio Tinto fell by 1.9 per cent and shares in BHP fell by 2.2 per cent.                    

Among commodities, Nymex crude oil edged 0.2 per cent higher to $US120.93 a barrel while iron ore futures fell 2 per cent to $US139.53 a tonne overnight.

The Australian dollar was trading around US69.22c near the US close.