By Oliver Gray
Investing.com - The S&P/ASX 200 fell 125.5 points or 1.9% to 6,574.7 during Friday’s session, closing at multi-month lows and tumbling 2.6% for the holiday-shortened week as a 75 basis point rate hike in the U.S. overnight pushed market participants away from riskier assets while bond yields lifted.
Among stocks, Consumer Discretionary led declines, finishing 4.4% lower as Domino's Pizza Enterprises Ltd (ASX:DMP) lost 5.8%, Tabcorp Holdings Ltd (ASX:TAH) shed 3.8%, Aristocrat Leisure Ltd (ASX:ALL) lost 5.3% and JB Hi-Fi Ltd (ASX:JBH) dipped 4.4%.
Information Technology plunged 4.4% as Block Inc (ASX:SQ2) shed 8.6%, Appen Ltd (ASX:APX) fell 4.2%, Megaport Ltd (ASX:MP1) lost 6.4% and Xero Ltd (ASX:XRO) fell 7.4%.
Real estate companies also retreated 3.6% as Mirvac Group (ASX:MGR) fell 3%, Stockland Corporation Ltd (ASX:SGP) lost 1.2%, Goodman Group (ASX:GMG) fell 3.6% and Charter Hall Group (ASX:CHC) lost 3.9%.
During next week’s trade, investors will be looking toward fresh data releases including retail sales and private sector credit.
On the bond markets, Australia 10-Year rates were at 3.934% while United States 10-Year yields were at 3.707%.
In New Zealand, the NZX 50 was down 0.7% to 11,434.8.