At noon, the S&P/ASX 200 is 2.93 per cent lower at 7,710.70.
This dramatic fall is primarily attributed to escalating US recession fears ignited by disappointing jobs data and a surge in Goldman Sachs’ recession probability indicator. Consequently, tech stocks, particularly those heavily invested in artificial intelligence, have suffered significant losses, leading the overall market downturn.
The SPI futures are pointing to a fall of 218 points.
Best and worst performers
All sectors are in the red. The sector with the fewest losses is Health Care, down 1.55 per cent. The worst-performing sector is Information Technology, down 5.06 per cent.
The best-performing large cap is ResMed (ASX:RMD), trading 3.66 per cent higher at $32.965. It is followed by shares in TPG Telecom (ASX:TPG) and Rio Tinto Group (ASX:RIO).
The worst-performing large cap is Pro Medicus (ASX:PME), trading 6.13 per cent lower at $132.44. It is followed by shares in Xero (ASX:XRO) and WiseTech Global (ASX:WTC).
Commodities and the dollar
Gold is trading at US$1782.70 an ounce.
Iron ore is 1.2 per cent higher at US$103.55 a tonne.
Iron ore futures are pointing to a 1.11 per cent rise.
One Australian dollar is buying 64.99 US cents.