S&P/ASX 200 sinks 1.49% following the worst drop for US stocks since June

Brent crude oil price crashed 5.15% to a three-week low of US$39.08 on Wednesday as surging COVID-19 infections in the US and Europe are leading to renewed lockdowns.

archTIS Ltd - S&P/ASX 200
US COVID-19 cases have risen by a record daily average of 71,832 over the past week.

S&P/ASX 200 (INDEXASX:XJO) was down as much as 1.8% within the opening hour of trade but has slightly recovered to a loss of 1.49% to 5967 points at 1.17 pm.

This follows a heavy fall overnight on Wall Street amid concerns over the latest increase in COVID-19 infections and its potential impact on the global economy.

The Dow Jones Industrial Average dropped 3.4% to 26,519.95, posting its fourth straight negative session and its worst day since June 11.

Broad-based decline

Locally, declines have been broad-based with losses led by the IT, materials and energy sectors.

Heavyweight miner BHP Group (ASX:BHP) fell 2.27% while Rio Tinto (RIO) is 1.85% lower.

Gold stocks are also underperforming after the safe have asset dipped 1.7% overnight. Northern Star (ASX:NST) and Saracen (ASX:SAR) are down about 5.7% each.

Fortescue Metals (ASX:FMG) was an exception, rising 0.24% after reporting a record first-quarter iron ore shipment of 44.3 million tonnes, 5% higher compared to last year.

Top gainers

Today’s top gainers on the ASX include Archtis Ltd (ASX:AR9) (+8.33%),  Emyria Ltd(ASX:EMD) (+8.45%)Hexagon Energy Materials Ltd (ASX:HXG) (+12.50%), Platina Resources Limited (ASX:PGM) (+9.30%), Strategic Elements Ltd (ASX:SOR) (+16.67%), Vrx Silica Ltd (ASX:VRX) (+17.65%) and Corazon Mining Ltd (ASX:CZN) (+33.33%).

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