The COB from ausbiz

Seasoned market-watchers have no trouble reconciling why a Fed Chair (re)nomination would trigger a collapse in tech stocks. The less-dovish Powell nomination pushed bond yields higher, and so growth stocks wilted under the pressure. Shares in Afterpay were down over 7% at one stage, but closed down 5.6%. WiseTech Global fell 6%,while EML Payments and NextDC both closed around 5% lower. A sharp jump in iron ore boosted the majors, with FMG topping the ASX200 charts by adding over 10% on the day. Overall, the materials sector added 2.3% on the day. The energy complex got an extra boost with Woodside-BHP finalising the 40 billion dollar merger, and Woodside giving the tick to the eye-watering Scarborough gas project in WA. The idea that natural gas is a transition fuel doesn’t sit well with everyone, but shares closed up nearly 4%.After banks were thumped in recent weeks, the prospect of higher rates pushed the sector +0.8%, led by a 1.7% pop in ANZ. Overall, the local market closed up 58 points or +0.8%.