News: XMM Australian shares fall 1% as mining and tech stocks drag

July 25 (Reuters) - Australian shares fell 1% on Thursday, with all sectors except energy trading in negative territory after stock markets sagged worldwide on disappointing earnings from U.S. technology firms.

The S&P/ASX 200 index (xjo) was down 0.95% at 7,888.4, as of 0106 GMT. The benchmark index ended 0.1% lower on Wednesday.

All eyes are now on the U.S. gross domestic product reading due at 1230 GMT and personal consumption expenditure data - the Federal Reserve's favoured measure of inflation - on Friday for cues on when the central bank will cut rates and by how much.

In Australia, miners .AXMM slipped 0.6% on weak iron ore prices.

Heavyweight Fortescue (FMG) slipped nearly 3%, even after it forecast higher iron ore shipments for fiscal 2025 and posted a 24% sequential rise to record shipments in the fourth quarter.

Technology stocks .AXIJ retreated 2.4%, tracking their Wall Street peers.

Overnight, the U.S. Dow Jones Industrial Average .DJI fell 1.25%, the S&P 500 .SPX lost 2.31% and the Nasdaq .IXIC dropped 3.64%. The yield on benchmark 10-year Treasury notes US10YT=RR rose to 4.2701%, compared with its U.S. close of 4.286%.

Financials .AXFJ slipped 1.2%, with Macquarie Group (MQG) down almost 4% after lacklustre first-quarter results.

Energy stocks .AXEJ were the only outlier, gaining 0.2% on the back of improving oil prices.

Shares of Ampol (ALD) were up 0.4% after declining as much as 4.2% earlier in the session. The fuel retailer forecast lower earnings for the first half of fiscal 2024, reflecting a fall in total second-quarter production at its Lytton refinery in Queensland.

In New Zealand, the benchmark S&P/NZX 50 index (nz50) was down 0.7%.