The local market snapped its seven session winning streak today with the ASX 200 down heavily, dropping 188 points or 3.05% to 5,960, wiping out the gains made since this time last week. It was the first decline in June and the worst performance in over six weeks, since May 1 where the index tumbled 5%.

The recent rally in equities has stalled following comments about the pace of the economic recovery by the US Federal Reserve chair Jerome Powell following the Fed’s June meeting. US futures are pointing to more losses after with the Dow Jones and S&P500 eased over the past two days.

Financials and energy sectors were hardest hit today.

Rick Maggi