End-of-day summary:
Fading hopes for US interest rate cuts helped fuel selling on the ASX ahead of tonight's Federal Reserve monetary policy decision.
The ASX 200 slumped 94 points or 1.23%, mirroring a similar slide on Wall Street overnight after reports showed an increase in wage inflation and a downturn in consumer sentiment. The odds on interest rate cuts this year contracted further in the wake of the data.
Losses here ranged from 0.51% for the defensive utilities sector up to 1.97% for energy. Gold miners came in for special treatment after the price of the yellow metal sagged 2.3%.
The S&P 500 fell 1.57% overnight. The Fed commenced a two-day meeting last night that is not expected to generate any change in benchmark rates, but which could confirm the market's worst fears about the diminishing likelihood of cuts later in the year.
