By Oliver Gray
Investing.com - The S&P/ASX 200 fell 20.1 points or 0.3% lower at 7,128.8 during Tuesday’s session, tracking Dow futures lower as investors remain cautious amid fears of slowing economic growth.
Among stocks, Information Technology companies plunged 3% collectively after U.S. social media app Snap Inc (NYSE:SNAP) downgraded its June quarter profit guidance. Block Inc (ASX:SQ2) finished 7.3% lower, Appen Ltd (ASX:APX) fell 1.9%, Brainchip Holdings Ltd (ASX:BRN) shed 9.5% and Altium Ltd (ASX:ALU) fell 2.4%.
Telecommunication Services fell 1.9% overall with Rea Group Ltd (ASX:REA) down 3.6%, Domain Holdings Australia Ltd (ASX:DHG) falling 1.8% Seek Ltd (ASX:SEK) down 4.2% and Telstra Corporation Ltd. (ASX:TLS) dipping 1.3%.
Financials andReal estate bucked the trend, each finishing 0.4% higher as Australia and New Zealand Banking Group Ltd (ASX:ANZ) added 0.2%, National Australia Bank Ltd (ASX:NAB) gained 1% and Westpac Banking Corp (ASX:WBC) lifted 0.6%, while Mirvac Group (ASX:MGR) increased 0.9%, Charter Hall Group (ASX:CHC) gained 1.7% and Goodman Group (ASX:GMG) added 1.5%.
Tabcorp Holdings Ltd (ASX:TAH) plunged 80.2% following the demerger of its lottery and Keno businesses into separate listed entities.
On the bond markets, Australia 10-Year yields were at 3.316% while United States 10-Year rates were at 2.86%.
In New Zealand, the NZX 50 was 0.6% lower at 11,247.