By Oliver Gray
Investing.com - The S&P/ASX 200 lost 138.6 points or 2% to 6,965.5 during Monday’s session, extending losses of 0.2% in the previous week amid broad based losses as risk sentiment waned on the prospects of further aggressive interest rate hikes from U.S. Federal Reserve policymakers.
Among stocks, Information Technology shed 4.4% collectively. Block Inc (ASX:SQ2) fell 7.8%, Appen Ltd (ASX:APX) lost 3.3%, Megaport Ltd (ASX:MP1) shed 9.1% and Novonix Ltd (ASX:NVX) dipped 6.3%.
Materials lost 2.4%, as Rio Tinto Ltd (ASX:RIO) fell 2.4%, BHP Group Ltd (ASX:BHP) lost 1.5% and Champion Iron Ltd (ASX:CIA) shed 6.7%. Fortescue Metals Group Ltd (ASX:FMG) also retreated 4.9% despite better-than-expected profits and dividends.
Financials fell 2.2% overall, with Macquarie Group Ltd (ASX:MQG) down 2.5%, Australia and New Zealand Banking Group Ltd (ASX:ANZ) falling 2.3%, Commonwealth Bank Of Australia (ASX:CBA) dipping 2.1%, Westpac Banking Corp (ASX:WBC) falling 1.8% and National Australia Bank Ltd (ASX:NAB) down 2.5%.
Among reporting companies, A2 Milk Company Ltd (ASX:A2M) popped 10% after announcing plans of an A$136 million buyback.
On the data front, Retail sales rose 1.3% in July from the prior month, well above expectations of a 0.3% increase.
On the bond markets, United States 10-Year rates were at 3.114% while Australia 10-Year rates were at 3.686%.
In New Zealand, the NZX 50 was down 0.9% to 11,506.9.