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ASX 200 down 0.8%: Fortescue (ASX:FMG) tumbles, Afterpay (ASX:APT) sinks lower

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At lunch on Thursday the S&P/ASX 200 Index (ASX: XJO) is dropping lower and giving back much of yesterday’s gains.  The benchmark index is currently down 0.8% to 5,909 points.

Here’s what is happening on the market today:

Fortescue shares tumble on iron ore price pullback.

The Fortescue Metals Group Limited (ASX: FMG) share price has come under pressure on Thursday after a pullback in the iron ore price overnight. According to CommSec, the spot iron ore price fell 3.4% to US$124.20 a tonne on Wednesday night. The Rio Tinto Limited (ASX: RIO) share price has dropped lower with Fortescue today.

Tech shares run out of steam.

The tech rebound has run out of steam on Thursday, with the likes of Afterpay Ltd (ASX: APT) and Nearmap Ltd (ASX: NEA) both dropping notably lower. This follows a pullback on the technology-focused Nasdaq index overnight. At the time of writing, the S&P/ASX All Technology Index (ASX: XTX) is down 1.7%.

Big four banks largely positive.

The big four banks are fighting hard to get the ASX 200 into positive territory. Three of the big four banks are pushing higher at lunch. The best performer in the group is the National Australia Bank Ltd (ASX: NAB) share price with a gain of 0.8%. The only one not pushing higher today is the Commonwealth Bank of Australia (ASX: CBA) share price. It is down 0.3% at the time of writing.

Best and worst ASX 200 performers.

The best performer on the ASX 200 on Thursday has been the Scentre Group (ASX: SCG) share price with a 4% gain. This follows the announcement of a US$3 billion (A$4.1 billion) subordinated hybrid note issue in the United States market. The worst performer has been the Mineral Resources Limited (ASX: MIN) share price with a 7% decline following the iron ore price pullback. In addition to this, last week Morgan Stanley downgraded the company’s shares to an underweight rating.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Nearmap Ltd. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Nearmap Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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