ASX 200 Drops 1.21% to 7,474.20 on Fed and COVID Fears

The S&P/ASX 200 fell sharply on June 11, closing down 1.21% at 7,474.20 after touching an intraday low of 7,465.60. The decline followed a modest rebound on June 10 when the index rose 0.57% to 8,653.30, snapping three sessions of losses that included a 1.43% drop on June 9 to 8,501.70. Weak overnight Wall Street cues, hawkish FOMC minutes signaling balance-sheet reduction, and surging domestic COVID-19 cases across New South Wales, Victoria and Queensland drove the broad-based selloff in banks, tech and gold miners.