By Oliver Gray
Investing.com - The ASX 200 fell 14.00 points or 0.19% to 7,439.30 in Monday’s mid-morning deals, erasing gains of 0.11% in the previous week as market participants continued to rotate away from growth stocks amid rising long term bond yields.
ASX 200 Futures were flat at 7353.5.
Among stocks, technology names faced early losses as Appen Ltd (ASX:APX) shed 2.89% and Xero Ltd (ASX:XRO) dipped 3.6%. Brainchip Holdings Ltd (ASX:BRN) lost 0.52% after surging over 10% on Friday. Wisetech Global Ltd (ASX:WTC) lost 4.41% and Nextdc Ltd (ASX:NXT) lost 2.1%, Altium Ltd (ASX:ALU) lost 2.9%, while Novonix Ltd (ASX:NVX) added 3.64%.
Afterpay Touch Group Ltd (ASX:APT) dipped 2.3% while Zip Co Ltd (ASX:Z1P) lost 3.4%.
Financials were lower as Macquarie Group Ltd (ASX:MQG) fell 0.79%, Australia and New Zealand Banking Group Ltd (ASX:ANZ) dipped 0.7%, Commonwealth Bank Of Australia (ASX:CBA) was down 0.1%, National Australia Bank Ltd (ASX:NAB) lost 0.37% and Westpac Banking Corp (ASX:WBC) added 0.09%.
Mining heavyweights climbed higher, with Rio Tinto Ltd (ASX:RIO) up 1.58%, BHP Billiton Ltd (ASX:BHP) adding 1.62% and Fortescue Metals Group Ltd (ASX:FMG) up 2.63%. Meantime, Pilbara Minerals Ltd (ASX:PLS) lost 1.14% Lake Resources NL (ASX:LKE) shed 1.52%, Magnis Resources Ltd (ASX:MNS) lost 0.95% and Lynas Rare Earths Ltd (ASX:LYC) eased 0.45%.
On the bond markets, Australia 10-Year rates were near fresh 2-month highs of 1.894%, while United States 10-Year yields neared fresh 2-year highs of 1.764%.
In New Zealand, the NZX 50 lost 0.73% to 12,875.