The good, the great & the ugly 🤠

All sectors except real estate, consumer staples and utilities finished lower. Information Technology was hammered, following the weak Nasdaq lead. It skidded 3.4%, outpacing declines of more than 1.3% for energy and consumer discretionary. On the macro front, Westpac’s Bill Evans now sees the RBA hiking in June. The Fed continues to talk tough on inflation. Neither helped long duration names today. Novonix, Liontown Resources, WiseTech Global, Life360 and Pointsbet slumped more than 5.8%. Plus-sized women’s fashion retailer City Chic was hung on the sales rack, sliding 6.4%. There were some winners on the day. Magellan jumped 9.7% on signs outflows may be slowing. Paladin gained 2.6% following a placement. Among the small caps, Ardent Leisure popped 5.8% after offloading its Main Event business. The S&P/ASX 200 closed 0.6% lower at 7442.8, extending its decline for the week to 0.7%. Let’s see what Friday brings.

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