ASX slides into negative territory – U.S. GDP eyed

May 26, 2022 - 1 month ago
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The Australian sharemarket ended in a gloomy session, erasing intraday gains as ten out of eleven sectors finished deep in the red.

In early trading, the ASX 200 was up modestly to close in on 7,200 (or resistance at 7,210) but then reversed, repeating the same negative (bearish) patterns as on Wednesday and Monday.

The benchmark S&P/ASX 200 index tumbled -49.3 points, or -0.69%, to 7,105.9, while the All Ordinaries lost -52.4 points, or -0.71%, to 7,339.3, while our local currency, the Australian dollar, is currently buying US$0.7082.

The tech sector caught traders’ eyes as Appen shares jumped +28.9% to $8.25 before going into a trading halt pending an announcement related to the potential transaction.

In the financial sector, major banks were mostly lower, as the “Fab Four” slid, with ANZ leading the decline after falling -0.39% to $25.53, NAB tumbled by -0.28% to $31.57, the Commonwealth Bank slipping -0.7% to $105.43, while Westpac rose +0.13% to $23.90, and Macquarie Group shed -0.3% to $177.81.

The heavyweight mining sector fell by -0.96%, as titans BHP slipped -0.9% to $42.62, Rio Tinto was down -1.05% to $110.78, and Fortescue Metals dropped by -3.68% to $19.92.

Woolworths tumbled by -2.6%, Coles fell by -2.2%, while hospitality and liquor company Endeavour Group declined by -6.0%.

Looking forward to Thursday is the release of the U.S. Gross Domestic Product (GDP) and Friday’s Personal Consumption Expenditure (PCE) Index data for near-term directional guidance.

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