ASX 200 (ASX:XJO) midday update: Tech shares fall, Fortescue upgraded

The ASX 200 isn’t having the best day…

| More on:
man thinking about whether to invest in bitcoin

Image source: Getty Images

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.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of August 16th 2021

Motley Fool contributor 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 and has recommended AFTERPAY T FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended ResMed. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO and Macquarie Group Limited. The Motley Fool Australia has recommended ResMed Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Market News