At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is on course to record a very disappointing decline. The benchmark index is currently down 4.7% to 6,609.6 points.
Here's what is happening on the ASX 200 today:
ASX 200 crashes
The ASX 200 index is crashing on Tuesday following a selloff on Wall Street overnight. This has been sparked by fears that rising rates to combat decades-high inflation in the United States could stifle economic growth or even lead to a recession. The selling has been across the board, with not a single sector currently trading higher today.
Tech shares sold off
The tech sector has been a sea of red on Tuesday with the likes of Block Inc (ASX: SQ2) and Zip Co Ltd (ASX: ZIP) among the worst performers in the sector. Both payments companies have seen their shares trade over 19% lower at lunch. This has led to the S&P/ASX All Technology Index sinking over 7% to a new 52-week low today.
Pro Medicus' contract renewals
The Pro Medicus Limited (ASX: PME) share price is sinking with the market despite the healthcare technology company making a positive announcement. Pro Medicus revealed that its Visage Imaging business has signed two key contract renewals with a combined value of $47 million. Both deals are transaction based with committed minimums and have been negotiated at a higher per transaction cost than their original contracts.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Tuesday has been the Uniti Group Ltd (ASX: UWL) share price with a 0.5% gain on no news. The worst performer has been the Zip share price with a 20% decline. Loss-making tech shares have been hit particularly hard during today's selloff.
