The ASX200 has been trading down nearly 1.2% to 7,870 points.
Overnight, earnings reports from US mega cap tech stocks lead the Nasdaq & S&P500 to their worst session in two years.
Following suit, the Australian IT sector is down more than 2.5%, followed by Real Estate 1.8%. All sectors have sunk into the red during early trade.
Company News
Fortescue (ASX:FMG) has dropped 5.5% after releasing its June Quarter results. The company delivered record iron ore shipments of 53.7 million tonnes, a 10% increase year over year. Despite this achievement, iron ore prices have been lower.
Fortescue has been trading around $20.21.
Sayona Mining (ASX:SYA) has shed around 6%, as the company continues to sell lithium for less than it costs to produce. At the same time, the company’s North American Lithium operation broke production records, increasing concentrate production by 23% quarter over quarter to just under 50,000 dry metric tonnes.
Sayona has been trading at around 3 cents.
Coronado Global Resources (ASX:CRN) has been up more than 5% on better results in the June quarter.
Coal production was up 24% to 7.4 million tonnes, and average mining costs were down 27% to $91 per tonne, compared to the prior March quarter.
Coronado Global Resources has been trading around $1.32.
And digital property exchange and data insights company Pexa Group (ASX:PXA) has dropped around 3% as the real estate sector struggles today.
Pexa has been trading above $13.40 ($13.43).