At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) is having a day to forget and is deep in the red. The benchmark index is currently down 1.1% to 7,428.8 points.
Here’s what is happening on the ASX 200 today:
Tech shares fall
The Australian tech sector is acting as a drag on proceedings on Thursday. At the time of writing, the S&P/ASX All Technology Index (ASX: XTX) has followed the lead of the Nasdaq index and is down a sizeable 1.4%. The Afterpay Ltd (ASX: APT) share price is among the worst performers with a decline of 2.5%.
Fortescue shares upgraded
The Fortescue Metals Group Limited (ASX: FMG) share price is trading lower today despite being upgraded by a leading broker. According to a note out of Citi, its analysts have upgraded the iron ore mining giant’s shares to a buy rating with an $18.50 price target. Citi believes iron ore prices could hold at US$100 a tonne for longer than the market expects.
Macquarie shares downgraded
The Macquarie Group Ltd (ASX: MQG) share price is trading lower today after being downgraded by a top broker. A note out of Morgans reveals that its analysts have downgraded the investment bank’s shares to a hold rating with an improved price target of $181.10. The broker made the move on valuation grounds after a strong run.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Thursday has been the ResMed Inc. (ASX: RMD) share price with a 3% gain. This is despite there being no news out of the sleep treatment company. The worst performer is the Omni Bridgeway Ltd (ASX: OBL) share price with a 6% decline. This follows an update on the Brisbane Floods class action.