By Oliver Gray
Investing.com - The S&P/ASX 200 fell 90.5 points or 1.3% to 6,737.2 after the first hour of Wednesday’s trade, extending yesterday’s declines of 0.4% as traders tracked losses among U.S. equities overnight ahead of upcoming Q2 GDP data.
ASX 200 Futures were pointing 0.8% lower.
Among stocks, Materials led declines, down 1.8% as Rio Tinto Ltd (ASX:RIO) fell 1.2%, BHP Group Ltd (ASX:BHP) lost 1.8%, Fortescue Metals Group Ltd (ASX:FMG) dipped 3.2% and Champion Iron Ltd (ASX:CIA) declined 3.3%.
Energy fell 2% with Woodside Energy Ltd (ASX:WDS) down 1.9%, Santos Ltd (ASX:STO) losing 1.8%, Beach Energy Ltd (ASX:BPT) down 2.6% and Viva Energy Group Ltd (ASX:VEA) shedding 6.7%.
Consumer Discretionary fell 1.7% with JB Hi-Fi Ltd (ASX:JBH) falling 2.4%, Domino's Pizza Enterprises Ltd (ASX:DMP) down 1.1%, Tabcorp Holdings Ltd (ASX:TAH) dipping 0.5% and Aristocrat Leisure Ltd (ASX:ALL) falling 1.1%.
Information Technology was 0.7% lower as Block Inc (ASX:SQ2) lost 1.9%, Appen Ltd (ASX:APX) added 0.3%, Megaport Ltd (ASX:MP1) fell 0.8%, Wisetech Global Ltd (ASX:WTC) dipped 0.8% and Xero Ltd (ASX:XRO) lost 1.6%.
On the data front, investors will be looking towards upcoming GDP data, with growth expected to come in at 1% quarter over quarter.
On the bond markets, Australia 10-Year yields were at 3.749% while United States 10-Year were at 3.351%.
In New Zealand, the NZX 50 was down 0.2% to 11,572.7.