S&P/ASX 200 drops 1.68% as US signals sooner than expected interest rates hike

S&P/ASX 200 (INDEXASX:XJO) slipped 1.68% to 7,245 points by about 12.52 pm following a weak lead from US markets over the weekend. The index is on track for its worst daily decline since February 26 this year when it dropped 2.35%. Wall Street markets fell as much as 1.6% on Friday over concerns that US interest rates could begin to lift sooner than expected as the economy continues to show strong signs of recovery. Locally, stocks were lower across the board with all sectors in negative territory. Financials slump Financials were the worst performers with a significant drop across the big four banks. Commonwealth Bank (ASX:CBA) dipped 4.5% after agreeing to sell its home and motor insurance business to South African based insurance group, Hollard Group, for $625 million. Oil prices rose over the weekend with Brent crude up 0.6% to US$73.51 a barrel, while WTI crude is up 0.8% to US$71.64 a barrel. Iron ore prices slipped by 0.9% to US$218.90 a tonne while spot gold fell 0.5% to US$1764.19 per ounce and was at its lowest since mid-April. Top gainers Today’s top gainers on the ASX include BlackEarth Minerals NL (ASX:BEM) (+12.24%), Emmerson Resources Limited (ASX:ERM) (+9.09%), Lake Resources N.L. (ASX:LKE) (+11.48%), PNX Metals Ltd (ASX:PNX) (+12.50%), Rimfire Pacific Mining N L (ASX:RIM) (+12.50%) and VIP Gloves Ltd (ASX:VIP) (+7.69%). Proactive news headlines: Orthocell unveils positive CelGro® nerve regeneration results in quadriplegic patients Orthocell Ltd's (ASX:OCC) shares jumped this morning after tabling positive nerve regeneration results one year on from a study testing its nerve repair candidate on quadriplegic patients. Latin Resources targets lift in maiden 207 million tonnes kaolin-halloysite resource through new drilling Latin Resources Ltd (ASX:LRS) (FRA:XL5) has commenced of the next phase of aircore drilling at its Noombenberry Kaolin-Halloysite Project, where it recently released a 207 million tonne inferred Mineral Resource Estimate (MRE) at the Cloud Nine Deposit. Zelira Therapeutics has clinical trial results of Zenivol® published in SLEEP® Zelira Therapeutics Ltd (ASX:ZLD) (OTCMKTS:ZLDAF) (FRA:G1G) is encouraged that the results of a trial in chronic insomnia patients of its proprietary cannabinoid ZLT101 formulation marketed as Zenivol® have been published in the peer-reviewed journal SLEEP®. Tempus Resources' 2021 Elizabeth drilling “off to great start” with more visible gold, says CEO Tempus Resources Ltd (ASX:TMR) (CVE:TMRR) (OTCMKTS:TMRFF) (FRA:4W0) is logging and sampling core at the Elizabeth Gold Project in British Columbia, Canada, in preparation for analysis at SGS laboratories in Vancouver, Canada.  BlackEarth Minerals signs key offtake deal with leading Europe-based graphite processor, shares jump BlackEarth Minerals NL (ASX:BEM) has signed an offtake and sales agreement with leading Austria-based graphite processor Grafitbergbau Kaisersberg GmbH to sell up to 2,500 tonnes per annum of expandable graphite worth around US$7.5 million. Alta Zinc expands mineralisation footprint at Gorno Project with high-grade zinc results Alta Zinc Ltd’s (ASX:AZI) latest bout of exploration has uncovered multiple high-grade zinc intersections with added lead and silver at the Gorno Project in northern Italy. Kangaroo Island Plantation Timbers named Employer of the Year Kangaroo Island Plantation Timbers Ltd (ASX:KPT) was named Employer of the Year at this month’s Yumbah Kangaroo Island Employment Awards.