At lunch on Thursday the S&P/ASX 200 Index (ASX: XJO) is dropping lower and giving back much of yesterday’s gains. The benchmark index is currently down 0.8% to 5,909 points.
Here’s what is happening on the market today:
Fortescue shares tumble on iron ore price pullback.
The Fortescue Metals Group Limited (ASX: FMG) share price has come under pressure on Thursday after a pullback in the iron ore price overnight. According to CommSec, the spot iron ore price fell 3.4% to US$124.20 a tonne on Thursday night. The Rio Tinto Limited (ASX: RIO) share price has dropped lower with Fortescue today.
Tech shares run out of steam.
The tech rebound has run out of steam on Thursday, with the likes of Afterpay Ltd (ASX: APT) and Nearmap…