The ASX is down -0.65% on Friday following a broad-based selloff on Wall Street, led by technology stocks.
Inflation and interest rate concerns came back to bite, with the Nasdaq Composite (tech) sliding -2.5% overnight.
The selloff has reverberated across local sharemarket, with the S&P/ASX Information Technology index down by more than -3%.
Defensive and value-oriented sectors such as utilities, telecommunications and real estate are holding up well, as they tend to do better amid a rising interest rate environment.
The defensive nature of Telstra (ASX: TLS) is helping its shares tip 1.2% higher. The company's stock has been trending strongly since bottoming out in October 2020, up almost 60% since.
Women’s apparel company, City Chic Collect (ASX: CCX) rallied 9.4% following a strong trading update. The company achieved 49.8% sales growth for the first half to 26 December 2021.
City Chic said that despite the widespread impacts relating to the pandemic, omicron and supply chain, revenue growth has remained strong across all regions.
There aren't too many sellers in sight for Brainchip (ASX: BRN), up 20%. The stock has more than doubled so far in 2022.
Afterpay (ASX: APT) shares plunged -7.4% after its soon-to-be parent company Block tumbled -5.9% overnight.
Commodity stocks that rallied on Thursday are giving back gains in today’s session.
A Singapore-based trader told FastMarkets that most steel mills had likely completed their re-stocking purchases ahead of the week-long Lunar New Year holiday, commencing February 1.
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