By Oliver Gray
Investing.com - The S&P/ASX 200 dropped 80.2 points or 1.2% to 6,6826 after the first hour of Monday’s session easing from gains of 4.4% in the previous week as rising yields and a falling Australian dollar soured risk appetites.
ASX 200 Futures were pointing 0.3% lower.
Among stocks, losses were led by the rate sensitive Information Technology and Real Estate sectors.
Block Inc (ASX:SQ2) dropped 6.4%, Appen Ltd (ASX:APX) lost 5.2%, Megaport Ltd (ASX:MP1) dipped 3.6%, Novonix Ltd (ASX:NVX) shed 5.1% and Brainchip Holdings Ltd (ASX:BRN) fell 1.7%.
Mirvac Group (ASX:MGR) fell 2.2%, Charter Hall Group (ASX:CHC) dropped 3.2%, Goodman Group (ASX:GMG) lost 3.1% and Stockland Corporation Ltd (ASX:SGP) fell 2.1%.
Consumer Discretionary fell 1.6% with JB Hi-Fi Ltd (ASX:JBH) down 1.4%, Domino's Pizza Enterprises Ltd (ASX:DMP) losing 3.6%, Tabcorp Holdings Ltd (ASX:TAH) down 1.9% and Wesfarmers Ltd (ASX:WES) falling 1.8%.
Ahead in the week, market participants will be looking ahead to Tuesday’s release of NAB's Business Confidence and Westpac's Consumer Sentiment surveys.
On the bond markets, Australia 10-Year rates were at 3.923% while United States 10-Year yields were at 3.888%.
In New Zealand, the NZX 50 fell 1.2% to 10,972.9.