ASX Large Caps: Blue chips tumble 4pc as billions wiped from market

ASX has tumbled by 4%, after being down by 5% earlier today
US stock markets have officially gone into bear market territory
US interest rates decision tomorrow (US time)

Billions of dollars were wiped off the value of Australian blue chips today, as investors dumped stocks in a market panic triggered by a selloff on Wall Street.

The ASX 200 plunged by 4.3%, a drop not seen since the beginning of the pandemic in March 2020.

Unlike the US however, the Aussie market is not in bear territory – defined as a market that’s fallen by 20% since its last peak.

Nevertheless, nothing was spared today as the carnage spilled out to all 11 sectors. Tech was the worst performer down by more than 6%. Energy and Mining were not far behind, falling by 5% each.

Over the last two trading days, the S&P 500 has fallen by 7% and Nasdaq by 8% following the release of the US CPI print of 8.6% – the highest level in 40 years.

The US Fed meets tomorrow (US time) to figure out what to do with inflation. The central bank has previously communicated that it will raise rates by at least 50bps.

Goldman Sachs and Jefferies have both said they expected a 75bp hike from the Fed.

“In light of recent developments, no one will criticize the Fed for hiking three quarters of a percent,” said the note out of Jefferies.

Meanwhile, metal prices continue to slide ahead of tomorrow’s key economic data from China, which is expected to paint a grim picture of the country’s economy.

China is also grappling with new Covid outbreaks in Beijing, even as some of the nation’s larger cities still struggle to jumpstart demand.

Iron ore slipped by more than 1% to $US133.15 a tonne in Singapore today, dragging down ASX metal miners and the Aussie dollar to US69.3 cents.

Bitcoin meanwhile, has also plunged by more than 10% in the last 24 hours to trade at US$22,800 at 4pm AEST.

https://twitter.com/LIQUID_ASX/status/1536592163085352960?s=20&t=x7llef9TyCdE6T8Ta9kD1Q

BIG CAP WINNERS

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Code	Name	Price	% Change	Volume	Market Cap
LKE	Lake Resources	1.58	12.86%	44,644,911	$1,885,050,941
CPU	Computershare Ltd	23.52	1.51%	2,341,302	$13,988,408,715
DMP	Domino Pizza Enterpr	63.06	1.04%	494,367	$5,401,829,773
GOLDA	Deferred Settlement	24.4	0.91%	666,487	$1,364,996,061
TLC	The Lottery Corp	4.58	0.66%	4,183,305	$10,127,261,249
UWL	Uniti Group Ltd	4.96	0.61%	3,968,517	$3,376,212,748
DDR	Dicker Data Limited	11.53	0.26%	292,676	$1,989,589,712
IPH	IPH Limited	7.5	0.13%	427,279	$1,638,956,048
RMD	ResMed Inc.	29.7	0.03%	1,623,207	$11,999,024,969

Lithium stock Lake Resources (ASX:LKE) was one of the rare performers today as it gained 10% on no specific news.

The LKE stock price has risen by 80% in the last six months, and the company will be added to the S&P/ASX 200 index at the next rebalancing on June 20th.

BIG CAP LOSERS

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Code	Name	Price	% Change	Volume	Market Cap
SQ2	Block	92.7	-15%	611,986	$4,531,331,900
CHN	Chalice Mining Ltd	4.24	-14%	6,452,334	$1,832,678,895
GRR	Grange Resources.	1.425	-12%	7,878,335	$1,874,888,691
ERA	Energy Resources	0.265	-12%	563,476	$1,107,414,959
PDN	Paladin Energy Ltd	0.68	-10%	27,347,137	$2,248,223,147
MND	Monadelphous Group	10.47	-10%	450,686	$1,106,000,005
NIC	Nickel Industries	1.055	-9%	16,568,516	$3,181,933,624
KAR	Karoon Energy Ltd	1.935	-9%	4,749,700	$1,187,255,425
CIA	Champion Iron Ltd	6.72	-9%	2,267,258	$3,814,809,645

Block Inc (ASX:SQ2) was the worst performing large cap today, losing by more than 15%.

Chalice Mining (ASX:CHN) and Fortescue (ASX:FMG) were the worst performing mining stocks, down by almost 9%, following China’s new Covid outbreaks.

Uranium stocks Energy Resources (ASX:ERA) and Paladin Energy (ASX:PDN) also tumbled by 12-15%.