By Oliver Gray
Investing.com - The S&P/ASX 200 dropped 79.5 points or 1.2% to 6,684.1 after the first hour of Wednesday’s trade, snapping four sessions of consecutive gain and tracking a retreat in U.S. equities overnight as weaker than expected consumer confidence data heightened growing fears of an economic downturn.
ASX 200 Futures were pointing just 0.1% higher.
Among stocks, real estate companies retreated 3.1%, with Goodman Group (ASX:GMG) down 3.6%, Charter Hall Group (ASX:CHC) falling 3.9%, Mirvac Group (ASX:MGR) down 3.3%, Scentre Group Ltd (ASX:SCG) dipping 1.5%.
Telecommunication Services were 2.4% lower as Rea Group Ltd (ASX:REA) fell 4.2%, Domain Holdings Australia Ltd (ASX:DHG) lost 3.7%, Seek Ltd (ASX:SEK) 3.8%, Telstra Corporation Ltd. (ASX:TLS) 1%.
Information Technology fell 2.5% collectively, with Block Inc (ASX:SQ2) down 6.5%, Appen Ltd (ASX:APX) falling 5.7%, Megaport Ltd (ASX:MP1) dipping 6.9%, Brainchip Holdings Ltd (ASX:BRN) droping 4% and Xero Ltd (ASX:XRO) shedding 5.2%.
Meantime, Energy companies bucked the trend, rising 0.7% amid stronger Oil prices. Woodside Energy Ltd (ASX:WDS) added 1.8%, Santos Ltd (ASX:STO) lifted 0.7%, Beach Energy Ltd (ASX:BPT) gained 2.8% and Viva Energy Group Ltd (ASX:VEA) gained 0.9%.
On the bond markets, Australia 10-Year yields were at 3.779% United States 10-Year yields fell to 3.162%.
In New Zealand, the NZX 50 dipped 1% to 10,992.