The Sectoral Pulse || ASX 200 Is Trading In Red Today. Why?

• Australian shares are trading in red today hit by losses on technology stocks. Technology sector witnessed pressure after a stronger-than-expected U.S. inflation data raised concerns of a tighter monetary policy and set off further selling in growth stocks on Wall Street.

• From the sectoral front, Aussie tech stocks tracked a slump on the Nasdaq and tumbled more than 5% to their lowest since Oct. 5, 2020. Accounting software platform Xero fell 10.8%, even as it reported higher full-year results. 

• Gold stocks are also trading lower as the precious metal snapped a five-session winning streak after April's jump in U.S. consumer prices buoyed the dollar and Treasury yields. Gold miner Andromeda Metals fell 7.14%, followed by Bellevue Gold losing around 6.21%. 

• Oil prices backed away from two-month highs, hit after U.S. crude exports plunged and the International Energy Agency (IEA) said demand was already outstripping supply. Brent was off 54 cents at $68.78 a barrel, while U.S. crude lost 53 cents to $65.55. 

• The dollar bought 109.55 yen, close to its strongest level in five weeks. Against the euro, the dollar stood at $1.2083, holding onto a 0.6% gain from the previous session. 


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