Technology stocks lead losses after Snap warning Mining stocks...

• Technology stocks lead losses after Snap warning
• Mining stocks rise for third consecutive session
• Pushpay Holdings jumps about 13% on buyout talks

(Updates to close)

Australian shares closed lower on Tuesday after a volatile session of trading, with technology stocks leading the fall following an earnings warning from Snapchat owner Snap.

The S&P/ASX 200 index (xjo) closed 0.3% lower at 7,128.80 after heavyweight mining and financial stocks helped it rise 0.2% in early trade.

The market has been operating in a vacuum since last week without corporate or economic data to provide direction, said Kerry Craig, global market strategist at J.P. Morgan Asset Management.

"Broadly, investors are trying to digest whether there will be more serious decline in economic activity and consumers can withstand the inflation squeeze," he said.

Technology stocks .AXIJ fell 3% after Snap SNAP.N said it expected to miss its quarterly revenue target, sending its stock down 28% in extended trading.

Block Inc's ASX-listed shares (SQ2) slumped 7.3%, while Tyro Payments (TYR) fell 5.2%.

Gold stocks .AXGD slipped 1% on weaker bullion prices.

Miners .AXMM rose 0.1% in their third consecutive session of gains, with Rio Tinto (RIO) up 0.9% and Fortescue Metals Group (FMG) adding 0.3%.

Financials .AXFJ advanced 0.3%, with the "Big Four" banks rising 0.2% and 1%.

Meanwhile, Australia's new prime minister, Anthony Albanese, said his goals were aligned with the priorities of the Quad group of countries, and his government would take "ambitious action" on climate change.

Craig suggested that it was too early to define the implication on corporate activity from the election or policy changes.

"So far, companies have been more proactive in addressing investor concerns on climate change than government policy," he said.

New Zealand's benchmark S&P/NZX 50 index (nz50) fell 0.6% to 11,247.03. Payments group Pushpay Holdings Ltd (PPH) jumped 12.9% after it confirmed that it was in early talks with multiple parties over a potential acquisition.

A Reuters poll found that New Zealand's central bank will increase its official cash rate by half a percentage point when it meets on May 25, making a hike of that magnitude for the first time at successive meetings.