One of the 11 sectors was higher at the time of writing. Communication services was the only sector in the green, rising 0.7 per cent.
Conversely, materials was the bottom performing sector, down 0.9 per cent. Technology and industrials also performed poorly, falling 0.7 per cent and 0.6 per cent, respectively.
Technology company Meta Platforms (Facebook's parent company) was the top performing stock at the time of writing, advancing 4.0 per cent.
Rounding out the top movers was casino & resort company Las Vegas Sands and clean energy company Constellation Energy, improving 2.8 per cent and 2.5 per cent, respectively.
Clothing company PVH Corporation was the biggest underperformer at the time of writing, regressing 9.5 per cent. The company cut its full year outlook for its apparel brands Tommy Hilfiger and Calvin Klein.
Further, the company announced it will reduce its global office workforce by 10.0 per cent, before the end of 2023.
Technology company Hewlett-Packard (HP) also underperformed, falling 7.2 per cent. This follows revenue coming in short of forecasts, despite quarterly earnings meeting expectations. The company also reported a slowdown in spending on electronics.
Closing out the bottom movers was retail company Best Buy, dropping 5.7 per cent.
Rest of the World
Asian markets were mixed overnight. The Shanghai Composite decreased 2.8 per cent, the Nikkei dropped 0.4 per cent, and the Hang Seng lifted 0.03 per cent.
European markets were in the red. The FTSE slipped 1.1 per cent, the DAX was down 1.0 per cent and the CAC fell 1.4 per cent.
Commodities
Gold traded 0.7 per cent lower to US$1,724.8 per ounce, while silver lost 2.2 per cent to US$17.9 per ounce.
WTI Crude Oil also performed poorly, declining 1.8 per cent to US$90.0 per barrel at the time of writing.
The cryptocurrency market was in the green, with Bitcoin increasing 0.3 per cent and Ethereum up 0.2 per cent.
The US 10-Year Treasury rate rose two basis points to 3.13 per cent alongside a two basis point gain in the 30-year rate, to 3.24 per cent.
New Zealand
The NZX 50 was in the red, dropping 0.4 per cent to 11,601.1 points yesterday.
Rental caravan operator Tourism Holdings was the top performer of the index, improving 4.6 per cent yesterday.
This may have been linked to news from Australia that those in the country who contract COVID-19 but have no symptoms will only be required to isolate for 5 days, while mask wearing will no longer be mandatory on domestic flights.
Rounding out the top movers yesterday was dairy processing company Synlait Milk and media company Sky TV, lifting 3.6 per cent and 2.9 per cent, respectively. These movements do not appear to relate to any news.
SkyCity Entertainment was the biggest underperformer of the index, reducing 2.4 per cent, now 9.0 per cent lower year-to-date.
Fisher and Paykel Healthcare decreased 2.3 per cent yesterday, down 39.4 per cent year-to-date.
Closing out the bottom movers was Mercury Energy, declining 2.2 per cent, and 4.3 per cent lower year-to-date.
ANZ's latest business outlook survey for August was reported yesterday. With overall business confidence rising nine points, while expected own activity increased five points.
Both now sit minus 48 and minus four, respectively. Despite business confidence growing, retail firms remain pessimistic, anticipating future inflation of 6.13 per cent, down only slightly from 6.23 per cent in the previous survey.
Australia
The ASX 200 closed 0.2 per cent lower after yesterday's trading session.
Sectors ended mix, with six out of 11 in the red. Information technology was the best performing sector, up 1.7 per cent compared to energy which was down 2.9 per cent.
Yesterday's biggest gain was posted by biotech company Clinuvel Pharmaceuticals Limited, which increased 16.2 per cent.
The share price rise may have been driven by the company's earnings that were reported on Tuesday. Clinuvel posted a revenue jump of 37.0 per cent to A$65.7 million for its fiscal year ended, and a fully franked final dividend of 4 cents per share was declared.
Following a positive start to the week, Tyro Payments lifted 11.9 per cent yesterday. This follows the tech company's financial year results which were reported on Monday – payments revenue of A$318.8 million was up 39.0 per cent from the year prior.
Joining the frontrunners was buy-now-pay-later provider Zip Co. Following a volatile start to the week, the company's shares rebounded, trading 11.7 per cent higher yesterday.
On the flip side, Pointsbet Holdings fell 11.9 per cent after reporting its financial results. Despite the online bookmaker posting a 52.0 per cent increase in its revenues, the company ended the year with a A$267 million loss.
Mining services company Mineral Resources traded 5.9 per cent lower yesterday. Investors seemed to be processing the firm's recent results, which showed a 64.0 per cent fall in net profit after tax to A$400 million, compared to fiscal year ended 2021.
Rounding out the bottom performers was gambling company Tabcorp Holdings, down 5.0 per cent. The fall in share price could have been the result of the company trading ex-dividend yesterday.
All market pricing and announcements are sourced from Refinitiv, NZX and ASX.
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