By Oliver Gray
Investing.com - The S&P/ASX 200 retreated 159.9 points or 2.3% to 6,826.8 after the first hour of Thursday’s trade, snapping 3 sessions of consecutive gain and falling from 7-week highs as investors retreated from riskier assets following the U.S. Federal Reserve’s 75 basis point rate hike overnight.
ASX 200 Futures were pointing 0.9% lower.
Among stocks, Materials led declines, falling 3.4% collectively as Rio Tinto Ltd (ASX:RIO) lost 2.1%, BHP Group Ltd (ASX:BHP) dipped 2.8%, Fortescue Metals Group Ltd (ASX:FMG) fell 2.9% and Champion Iron Ltd (ASX:CIA) shed 5.8%
Real estate shed 2.4% overall as Mirvac Group (ASX:MGR) fell 3.1%, Goodman Group (ASX:GMG) lost 2.6%, Charter Hall Group (ASX:CHC) dipped 2.8% and Stockland Corporation Ltd (ASX:SGP) lost 2.4%.
Information Technology retreated 2.4%, with Block Inc (ASX:SQ2) shedding 6.9%, Appen Ltd (ASX:APX) down 3%, Megaport Ltd (ASX:MP1) falling 5.7%, Link Administration Holdings Ltd (ASX:LNK) dipping 2.2%, Novonix Ltd (ASX:NVX) falling 2.65 and Brainchip Holdings Ltd (ASX:BRN) down 3.5%.
On the data front, investors will be looking towards the upcoming trade balance reading for September.
On the bond markets, Australia 10-Year rates were at 3.905% while United States 10-Year rates were at 4.115%.
In New Zealand, the NZX 50 fell 0.5% to 11,225.3.