ASX dips, tech stocks fall after Nasdaq has its worst day since 2022

The Australian sharemarket dipped slightly on Thursday as shares in local technology companies tracked the hefty losses of some of their US peers on Wall Street overnight. Interest-rate sensitive stocks were also a little weaker after the latest economic data showed the jobs market remains relatively strong.

Shares in Accent Group, which operates footwear chains such as Hype and Platypus, jumped 10.2 per cent after the company revealed it will close almost half of its Glue youth fashion stores because they are underperforming.WiseTech was the biggest large-cap decliner, with shares in data centre operator NEXTDC and accounting software firm Xero also dropping.Index heavyweights BHP , Fortescue and Rio Tinto were all weaker, also dragging on the ASX 200’s performance.

“The report suggests the RBA can, at this stage, approach the August policy meeting not overly concerned about the underlying strength in the economy,” he said. “As a result, it means the June quarter CPI result could make or break the case for an interest-rate increase next month.”

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