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S&P/ASX 200 slides 1% following sell-off on Wall Street

Investors await US jobless claims data due later in the day to further gauge the pace of a recovery in the world’s largest economy.

Tempest Minerals Ltd - S&P/ASX 200
Gold prices hit a two-month low of US$1,853.32 today, weighed down by a robust US dollar

S&P/ASX 200 (INDEXASX:XJO) gave back a majority of Wednesday’s gains by sliding 1% to 5,866 by around 2.15 pm.

The selloff follows even sharper declines on Wall Street overnight where the major indices fell between 1.9% and 3%, with the tech heavy NASDAQ falling 3.02%.

No sector was spared from the sell down with the sharpest fall in the tech sector closely followed by materials, energy and communications.

Leading the declines among IT stocks was Afterpay (ASX:APT), with the buy now, pay later provider sliding 6%.

Gold miners Evolution Mining (ASX:EVN) was down 5.65% while Champion Iron (ASX:CIA) fell 12.42%.

COVID-19 update

Investors are spooked as COVID-19 infection rates rise across Europe again and experts are concerned that another major outbreak, or so-called second wave, is around the corner.

Weekly cases in Europe have now exceeded those reported when the pandemic first peaked in March.

More than half of European countries have reported over a 10% increase in cases in the past three weeks.

UK senior health adviser Sir Patrick Vallance warned on Monday that cases could rise to 50,000 a day by October in the UK if no further action is taken.

Top gainers

Today’s top gainers on the ASX include Tempest Minerals Ltd (ASX:TEM) (+11.11%), Cirralto Ltd (ASX:CRO) (+9.68%), Nanoveu Ltd (ASX:NVU) (+34.48%), Argonaut Resources NL (ASX:ARE) (+14.29%), Hexagon Energy Materials Ltd (ASX:HXG) (+9.62%) and Vrx Silica Ltd (ASX:VRX) (+8.33%).

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Musgrave Minerals infill drilling confirms high-grade Break of Day gold with results up to 3 metres at 40 g/t

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Castillo Copper strategy to be mid-tier producer boosted by assays up to 33.2% copper in Big One samples

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Cauldron hones in on high-quality targets at Victoria's forgotten goldfield

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