The ASX has plummeted more than 100 points in early afternoon trade with all the sectors in the red.
IT took the biggest hit, down more than three per cent and followed closely by materials and financials.
Xero and WiseTech dragged IT down, while mining giants Rio Tinto and Mineral Resources plunged more than two per cent.
Bucking material’s dip is Magnum Mining and Exploration, rising more than two and a half per cent after kicking off investigations into historic ore stockpiles at its Buena Vista project in Nevada.
The company hopes it will provide a pathway to early production.
Shares lifted to 3.9 cents.
And Lithium Universe has made leadership changes only a day after its ASX listing.
The company has appointed two experienced chartered accountants as joint Chief Financial Officers and company secretaries.
This comes after its Non-Executive Director and secretary resigned today.
Shares in Lithium Universe were hovering around five and a half cents.
Another company to see a change in its leadership is Little Green Pharma, promoting its Chief Operations Officer, Paul Young to CEO.
Mr Young steps up into his new from the end of August, once CEO, and Founder, Fleta Solomon steps aside.
Shares last traded around 18.5 cents.