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The local market closed almost 1% lower on Friday as a sell-off in technology stocks weighed on the key index, with investors fleeing growth stocks in fear of further rate hikes out of the RBA and Federal Reserve.
Baby Bunting (ASX:BBN) fell over 6% on Friday after reporting a 66.5% drop in net profit for the first half, while QBE (ASX:QBE) insurance rallied over 7% on strong first half results including NPAT up 3%.
The winning stocks from Friday’s session were led by QBE (ASX:QBE) Insurance adding over 7%, while A2 Milk Company (ASX:A2M) rose 6.3%, and Corporate Travel Management (ASX:CTD) rallied 4.5%. And on the losing end Block Inc (ASX:SQ2) fell 7.76%, while New Hope Corporation (ASX:NHC) dropped 5.8%, and Centuria Industrial REIT (ASX:CIP) fell 5.76%.
Wall Street closed mixed on Friday as investor fears of further rate hikes to come from the Fed intensified last week on the back of a few economic reports coming in stronger than expected.
Yields on the 10-year and 2-year U.S. Treasury bonds hit levels not seen since November which weighed on markets during the last trading session or the week.
The Dow Jones rose 0.39%, while the S&P500 fell 0.28% and the Nasdaq closed the day down 0.58%. The Dow Jones notched out a third straight week of losses, and the S&P500 fell for a second week but the Nasdaq rose 0.59% for the week.
Over in Europe, markets closed lower on Friday following a week of economic data released that weighed on investor sentiment. The STOXX600 fell 0.2%, Germany’s DAX lost 0.33%, the French CAC shed 0.25% and, in the UK, the FTSE100 fell 0.1%.
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