By Oliver Gray
Investing.com - The S&P/ASX 200 fell 182.2 points or 2.6% to 6,827.5 after the first 90 minutes of Wednesday’s trade, snapping four sessions of consecutive gain and retreating from 2-week highs following a stronger than expected U.S. CPI reading overnight as investors braced for further rate increases from the Federal Reserve and a higher chance of an economic recession.
ASX 200 Futures were trading 0.4% lower.
Among stocks, Real estate companies led the declines, down 3.9% as Mirvac Group (ASX:MGR) lost 3.7%, Charter Hall Group (ASX:CHC) fell, Goodman Group (ASX:GMG) lost 5.2% and Stockland Corporation Ltd (ASX:SGP) dipped 4.3%.
Information Technology dipped 3.7% overall as Block Inc (ASX:SQ2) shed 5.6%, Megaport Ltd (ASX:MP1) lost 7.6%, Novonix Ltd (ASX:NVX) fell 6.6%, Brainchip Holdings Ltd (ASX:BRN) lost 6% and Xero Ltd (ASX:XRO) shed 5.5%.
Consumer Discretionary fell 3.2% as JB Hi-Fi Ltd (ASX:JBH) dipped 3.7%, Domino's Pizza Enterprises Ltd (ASX:DMP) lost 1.5%, Tabcorp Holdings Ltd (ASX:TAH) fell 1.6% and Aristocrat Leisure Ltd (ASX:ALL) dipped 3.3%.
Financials dipped 2.8% as Macquarie Group Ltd (ASX:MQG) fell 3.7%, Australia and New Zealand Banking Group Ltd (ASX:ANZ) shed 2.3%, Commonwealth Bank Of Australia (ASX:CBA) lost 3%, National Australia Bank Ltd (ASX:NAB) fell 3.2% and Westpac Banking Corp (ASX:WBC) fell 2.5%.
On the bond markets, Australia 10-Year yields were 3.711%, while United States 10-Year rates were at 3.445%.
In New Zealand, the NZX 50 fell 140.6 points or 1.2% to 11,621.5.