ASX down $50bn as bloodbath continues
The benchmark S&P/ASX200 (^AXJO) had shed a further $10 billion at 12:48 AEST, totalling $50 billion worth of losses today.
The ASX200 was down 2.51 per cent to 5,857 points, while the broader All Ordinaries index (^AORD) was down 2.41 per cent to 6,041 points at 12:48 AEST.
What happened this morning?
The benchmark S&P/ASX200 (^AXJO) has shed a whopping $40 billion in another share market bloodbath, after Wall Street closed lower for a third straight session.
The ASX200 was down nearly 2 per cent at 10:40 AEST to 5,899.10, while the broader All Ordinaries index (^AORD) was 1.77 per cent lower to 6,080.70 points.
All sectors were trading in the red, with tech and energy stocks posting the biggest losses at 3.64 per cent and 3.63 per cent respectively.
Financials were also performing badly, dragged down by ANZ (-3 per cent), Westpac (-3 per cent). NAB and Commonwealth Bank were also trading more than 2 per cent lower.
What happened overnight?
Wall Street closed lower as tech stocks saw a massive sell-off, sending the Nasdaq down a whopping 4.11 per cent to 10,847.69 points.
The Dow Jones Industrial Average fell 2.25 per cent to 27,500.89, and the S&P 500 lost 2.78 per cent, to 3,331.84 points.
"Things got expensive, they ran up, they got very concentrated and people got really giddy," Willie Delwiche, investment strategist at Baird, told AAP.
"Everyone is all loaded up on one side, it doesn't take much of a ripple to knock some apples off the cart."
At their lowest point, Facebook, Amazon, Apple, Tesla, Alphabet, Netflix and Microsoft lost more than US$1 trillion in market cap since 2 September.
With AAP.
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