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S&P/ASX 200 dives 1.74% following an alarming rise in COVID-19 cases across US and Europe

Brent crude oil price fell 3.1% to US$40.46 a barrel as Libya’s rebound in crude production raised fears of oversupply.

Carnavale Resources Ltd - S&P/ASX 200
Spot gold was up 0.1% at US$1,904.60 per ounce on Monday

S&P/ASX 200 (INDEXASX:XJO) is sliding for a fourth consecutive session and has hit a two-week low, with the index down 1.74% to 6,049 at 1.23 pm.

This follows a big decline in share prices overnight in Wall Street as average daily COVID-19 cases hit a record high in the U.S and in many countries across Europe.

Meanwhile, the efforts between Congress and the White House to reach a stimulus deal also appears to have hit a wall.

The S&P 500 fell almost 2%, the Dow Jones Index dropped 2.3% and the technology-laden Nasdaq market dipped 1.6%.

Energy and tech decline

All sectors on the ASX are losing ground at lunch, with energy and tech stocks the biggest decliners, with a 3.21% and 2.72% drop, respectively.

Energy stocks took a beating after oil prices fell more than 3% yesterday, extending last week’s losses.

Consumer confidence in Australia gained 1.6% last week and is now at a six-month high, just below a neutral reading.

Top gainers

Today’s top gainers on the ASX include Engage:BDR Ltd (ASX:EN1) (+16.67%), Arrow Minerals Ltd (ASX:AMD) (+16.67%), Strategic Elements Ltd (ASX:SOR) (+169.23%), Southern Gold Limited (ASX:SAU) (+9.52%) and Carnavale Resources Limited (ASX:CAV) (+7.14%).

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Strategic Elements soars as collaboration aims to develop flexible self-charging battery

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Creso Pharma's Canadian subsidiary Mernova receives third purchase order from NSLC

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Zelira Therapeutics launches HOPE™ autism products in Australia through TGA Special Access Scheme

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Walkabout Resources continues to drive Lindi Jumbo Graphite Project towards development

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