ASX 200 drops to two-month low; Treasury Wine dives as revenue drops, Fortescue tumbles

Shares record their biggest one-day fall since March. Miners pulled down by iron ore woes. Revenue fall hits Treasury Wine. Dollar  hits six-month low. Megaport soars.

Equity markets are awaiting the resolution of the US debt ceiling impasse between US President Joe Biden and Republican leaders. Picture: Gaye Gerard

Welcome to the Trading Day blog for Thursday, May 25. The Australian sharemarket has dropped to a two-month low in its biggest one-fall since March on broad losses led by miners and banks. 

The S&P/ASX 200 index was down 1.1 per cent to 7135.90 at 2.35pm AEST, which its lowest close since the end of March. 

On Wall Street, the S&P 500 closed 0.7 per cent lower, the technology-focused Nasdaq Composite index fell 0.6 per cent and the Dow Jones Industrial Average shed 0.8 per cent.

The dollar was buying US65.35c at noon.