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%.
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.
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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