By Oliver Gray
Investing.com - The S&P/ASX 200 was down just 1.30 points to 7,345.70 during after the first hour of Tuesday’s trade as investors brace for a possible interest rate rise by the Reserve Bank later today following a volatile session on Wall Street overnight ahead of the U.S. Federal Reserve meeting to consider its next move on interest rates.
ASX 200 Futures were pointing 0.2% higher.
Among stocks, Financial companies were down 0.3% collectively as Australia and New Zealand Banking Group Ltd (ASX:ANZ) lost 0.7%, National Australia Bank Ltd (ASX:NAB) dipped 1%, Westpac Banking Corp (ASX:WBC) lost 0.3% and Commonwealth Bank Of Australia (ASX:CBA) fell 1%.
Real estate companies decreased 0.2% overall as Mirvac Group (ASX:MGR) lost 2.1%, Charter Hall Group (ASX:CHC) fell 1%, Goodman Group (ASX:GMG) dipped 0.3% and Stockland Corporation Ltd (ASX:SGP) declined 1.5%.
However, the Technology sector bucked the trend, up 2.1% as Block Inc (ASX:SQ2) gained 5%, Appen Ltd (ASX:APX) lifted 5.5%, Megaport Ltd (ASX:MP1) gained 3.7%, Link Administration Holdings Ltd (ASX:LNK) lifted 1.2%, Novonix Ltd (ASX:NVX) added 3.2% and Brainchip Holdings Ltd (ASX:BRN) gained 3.8%.
Inghams Group Ltd (ASX:ING) declined 5% as the company noted a slower than expected recovery due to ongoing pandemic and weather events.
Meantime, In a message to shareholders on Tuesday morning announcing the business’ third-quarter trading results, Woolworths Ltd (ASX:WOW) chief executive Brad Banducci called for an increase in retail workers’ wages to combat increasing inflation pressures across the industry.
On the bond markets,Australia 10-Year rates were at 3.293%, the highest level since November 2014, while United States 10-Year yields were at 3-year highs of 2.977%.
In New Zealand, the NZX 50 declined 0.1% to 11,772.