The Australian sharemarket declined for the second consectuive session on Wednesday, as a sharp tech sector sell-off continued to weigh on the market, mirroring overnight losses on Wall Street, where major indices fell modestly ahead of closely watched U.S. inflation data.
The S&P/ASX 200 index fell 39.4 points, or 0.5%, to close at 8,353.6.
The technology sector was the hardest hit, falling 1.3% and compounding a 4% decline from Tuesday’s session.
Notable laggards included WiseTech, down 3%, and Xero, which dropped 1.4%.
U.S. markets saw declines across the board, with the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite closing lower.
Investors are cautious ahead of Thursday’s U.S. consumer price index (CPI) release, expected to show a 0.3% monthly rise in inflation.
On the bond markets, yields on 10-year and 2-year Australian government bonds were slightly higher at 4.186% and 3.79%, respectively.