Thanks afternoon crew. Massive electrical storm in the Blue Mountains. Lost power for a few minutes.
End-of-day summary:
Aussie shares endured their biggest setback since August as financial markets tempered expectations for interest rate cuts this year.
The ASX 200 slumped 105 points or 1.37% to 7523. Today's fall was the heaviest since a 110-point dive on August 16.
Prior to today, the market had enjoyed an armchair ride since late October, rallying more than 700 points to close yesterday a little more than a point from a record.
The rate-sensitive tech and property sectors spearheaded losses this session as bond yields rebounded. The Australian 10-year yield lifted today for a third session, trading back above 4%. The move mirrored a similar shift in US treasury yields overnight as investors reassessed the odds and likely timing of rate cuts.
Overnight, the Nasdaq dropped 1.63% to its biggest tumble since October. The S&P 500 shed 0.57%.
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