ASX falls 1.14% as tech sector drops

By Finance News Network | More Articles by Finance News Network

Australian shares experienced a significant decline following a surge in US labour data, heightening worries about prolonged high interest rates due to persistent inflation concerns. This downturn particularly affected technology stocks, with notable declines seen in shares of WiseTech and NextDC. The US labor cost increase of 1.2% in the last quarter, surpassing predictions, further underscored inflationary pressures in the global economy.

At 11:40am, the S&P/ASX 200 is 1.14 per cent lower at 7,577.10.

The SPI futures are pointing to a fall of 93 points.

Best and worst performers

All sectors are in the red. The sector with the fewest losses is Consumer Staples, down 0.35 per cent. The worst-performing sector is Information Technology, down 2.14 per cent.

The best-performing large cap is Amcor plc (ASX:AMC), trading 3.69 per cent higher at $14.33. It is followed by shares in Coles Group (ASX:COL) and Pilbara Minerals (ASX:PLS).

The worst-performing large cap is Northern Star Resources (ASX:NST), trading 4.38 per cent lower at $14.285. It is followed by shares in Endeavour Group (ASX:EDV) and Mercury NZ (ASX:MCY).

Commodities and the dollar

Gold is trading at US$2298.20 an ounce.
Iron ore is 0.3 per cent lower at US$116.75 a tonne.
Iron ore futures are flat.
One Australian dollar is buying 64.71 US cents.

About Finance News Network

Established in 2006, the Finance News Network is one of Australia's largest providers of online business and finance news. Our news is distributed across some of Australia’s most prominent investment platforms. The network connects investors with investment opportunities, the latest ASX news, CEO and fund manager interviews and investor webinars. Keep your finger on the pulse and stay abreast of markets. Tune in to FNN. FNN is a subsidary of Sequoia Financial Group

View more articles by Finance News Network →