Brace yourselves, folks! The ASX is experiencing its biggest drop in over two years! Here’s why you shouldn’t panic-sell your shares just yet!
The Australian Stock Exchange (ASX) is having a wild ride and not the kind you'd want to experience at your local amusement park. In just two tumultuous days, the ASX plummeted by a staggering 3%, marking the worst performance the market has seen since the pandemic era back in 2022. The downturn comes hot on the heels of growing fears about a potential recession in the US, which sent ripples across Wall Street and subsequently, global markets, sending investors into a frenzy of sell-offs.
As investors scramble to make split-second decisions, the question remains: should you jump ship and sell your ASX shares? Business mogul Warren Buffett would likely advise you against it, reminding us that patience is a virtue even in turbulent times. Instead of panicking, he would suggest taking a breath, avoiding emotional decisions, and sticking with solid, long-term investments. And hey, wouldn’t you rather contemplate your next surf trip than fret over share prices?
Yet as the ASX took a hit, it’s not all doom and gloom—especially in the technology segment. Despite the market-wide downturn, the S&P/ASX 200 information technology sector managed to rise a modest 0.22% in July. It seems technology is still in the driver’s seat for 2023, showcasing resilience even in shaky economic climates. So, while your typical bank and miner stocks might be feeling a bit queasy, tech stocks are still cruising along the highway of success.
In a sobering twist, a whopping $82 billion was wiped off the ASX after the recent US jobs data was published, further shaking investor confidence. With major global markets—including Tokyo’s plummet of 7%—it’s clear that market vibes are off. As we brace for another shaky week, many investors are left asking: should they double down on banks and miners, or is it time to consider diversifying? Fear not, future investors; in the world of stocks, sometimes a turn in the tide can bring about unexpected opportunities!
Interesting fact: Almost 50% of the ASX is made up of bank and mining shares, so when these sectors sneeze, the whole market catches a cold! Meanwhile, the resilience of tech could be linked to an ever-expanding digital landscape where technology stocks are becoming a safe haven for investors. So keep those surfboards waxed and your portfolios diversified!
live. Live updates: ASX plummets 3pc in worst two-day performance since 2022 after recession fears crunch Wall Street and global markets. By business reporter ...
With the ASX 200 Index tanking today, many ASX investors are selling their shares. Here's why you should do what Warren Buffett would instead.
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