A worried Wall Street trader

ASX Drops, Dow Jones Drops 1,100 as Wall Street Goes Through Worst Selling Since 2020

Australian shares fell sharply on Thursday after Wall Street suffered its worst daily sell-off in two years.

The ASX 200 fell 1.8 percent to 7,057 points at 10:25 AM AEST.

The broader All Ordinaries index fell 1.8 percent to 7,293.

In dollar terms, morning trading wiped about $47 billion of the value of the local stock market.

Each sector traded lower, with technology, consumer discretionary and basic goods being the worst performing sectors.

Shares of the country’s largest companies have fallen, including Westpac (-3.7 pc), Rio Tinto (-2.2 pc), Wesfarmers (-5.4 pc), Graincorp (-4.2 pc), Domain (-4.2 pc) and Woolworths (-3.9). pc).

The Australian dollar recovered slightly to 69.7 cents, but that was after a 1.1 percent overnight collapse.

In economic news, the Bureau of Statistics (ABS) will release the latest figures on the state of the labor market at 11:30 a.m. AEST.

Economists polled by Reuters expect the Australian unemployment rate to fall to 3.9 percent, the lowest level since the 1970s, and to hire 30,000 additional workers.

Inflation here for ‘even longer’

On Wall Street, the Dow Jones index lost 1,165 points, or 3.6 percent, to 31,490, the worst one-day loss since June 2020. It was the lowest close for the Dow since March 2021.

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