End of Day Report – Wednesday 22 October: ASX down 65 points | Resources tumble

The ASX opened down, and has stayed down all day (-0.7%). Energy is the clear winner of the major sectors (+1.32%) thanks to a modest rise in oil overnight and a positive update from WDS (+3.5%). Gold stocks opened sharply lower but mostly held the line for the remainder of the day. No doubt gold will be watched closely from here to see if the correction continues. One item of interest today for lithium is PLS CEO Dale Henderson telling Bloomberg that power storage is helping to offset lower EV sales in the US. He said the energy is growing “leaps and bounds”. The sector should keep growing each year for the next decade.  That may have helped PLS finish flat today despite lithium shares overseas down overnight. LTR was down -1.4%. Tech shares got a strong bid with XRO (+1.75%), CPU (+0.43%) and XYZ (2.2%) up and about plus smaller names even better NXL (+3.7%) and WBT (+18.8%). US futures have turned positive since midday.Want to invest with Marcus Today? Our MT20 portfolio is designed for investors seeking exposure to our strategy while we do the hard work for you. If you’re looking for personal financial advice, our friends at Clime Investment Management can help. Their team of licensed advisers operates across most states, offering tailored financial planning services.  Why not sign up for a free trial? Gain access to expert insights, research, and analysis to become a better investor.