ASX hits two-month low in 1.4% drop; Banks and tech battered

Summary

• The ASX fell by as much as 1.4% to 6517.2 at the open, its lowest since December 1. Bank and tech stocks were hit hard as all sectors declined
• Wall Street slipped into the weekend as investors gauged Johnson & Johnson’s COVID-19 vaccine trial results. Retail investors continued their standoff with hedge funds, adding to volatility. Shares in GameStop rallied 68%
• Drinks giant Coca Cola Amatil has received regulatory approval from the foreign investments review board FIRB for its $9 billion takeover by European stablemate Coca Cola European Partners
• Iron ore edged higher on Friday, adding 0.7% to $US158.54 a tonne. Gold was 0.3% higher at $US1846.09 and silver rose 2.4% to $US27 an ounce. Oil prices slipped