Battered and bruised 🤕

Another Fed-led jump in bond yields overnight and this time the stock market fallout wasn’t just confined to tech. Our market opened weaker in line with SPI futures, and rather than an afternoon rally, investors sold - almost - everything by the close. Tech was smashed again, trading 2% lower by midday and supporters disappeared in the afternoon, leaving the sector 4% smaller. Corporate news was thin, although Latitude bidding for Humm’s BNPL space caught the market’s eye. Other winners were hard to find - Paladin, Rio Tinto and OzMinerals huddling in today’s tiny positive camp. And with all that, the ASX200 closed down 208 points or -2.7%, multiples of the SPI futures lead.

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