By Oliver Gray
Investing.com - The S&P/ASX 200 dipped 24.00 points or 0.32% to 7,565.80 during Wednesday’s session, partially retracing gains of 1.95% in the previous session as investors continued their rotation away from growth stocks in the face of rising long term bond yields.
The Technology sector was the worst hit, as Appen Ltd (ASX:APX) dropped 4.94%, Megaport Ltd (ASX:MP1) lost 2.14%, Altium Ltd (ASX:ALU) shed 2.11% , Xero Ltd (ASX:XRO) lost 3.8%, Wisetech Global Ltd (ASX:WTC) fell 2.91% and Nextdc Ltd (ASX:NXT) dropped 2.65%.
Buy now, pay later stocks also struggled as Zip Co Ltd (ASX:Z1P) fell 5.31%, while Afterpay Touch Group Ltd (ASX:APT) shed 4%, trading at 52-week lows during the session.
The Health Care sector also retreated as CSL Ltd (ASX:CSL) lost 1.82%, Resmed Inc DRC (ASX:RMD) dropped 3.32%, Pro Medicus Ltd (ASX:PME) dived 9.69% and Clinuvel Pharmaceuticals Ltd (ASX:CUV) fell 7.47%.
Materials and Financials held strong however, with Rio Tinto Ltd (ASX:RIO), BHP Billiton Ltd (ASX:BHP) and Fortescue Metals Group Ltd (ASX:FMG) up 0.79%, 0.59% and 0.55% respectively. Macquarie Group Ltd (ASX:MQG) saw a fresh record close after lifting 2.08%, while Australia and New Zealand Banking Group Ltd (ASX:ANZ), Commonwealth Bank Of Australia (ASX:CBA), National Australia Bank Ltd (ASX:NAB) and Westpac Banking Corp (ASX:WBC) gained 0.21%, 0.67%, 0.71% and 0.83% respectively.
On the bond markets, Australia 10-Year rates lifted to 1.778%, while United States 10-Year yields were near fresh 3-month highs of 1.651%.
In New Zealand, NZX 50 was up 0.89% to 13,150.