Market Wrap / great rotation underway

After reaching a record closing high during Wednesday's trade, profit takers moved in Thursday sending the local market into the red despite records on Wall Street.

 The S&P/ASX 200 closed 2 points lower at 8,595.8 points. Iron ore gained as Beijing vowed to crack down on disorderly low-price competition. Market heavy-weight BHP rose 5.6% while Fortescue was up 1.8%.However profit-taking hit the banks. One of FY25's best performers CBA slid 2.2% and a similar movement was observed in the consumer sector. In company news, Dexus sued AMP over the sale value of the Macquarie Shopping Centre. Shares in Dexus fell 0.3% while AMP was down 1%.

Housing developer GemLife rose 3.6% on its ASX debut following a $750 million IPO; the largest to hit the ASX this year. 

Elsewhere, Pro Medicus jumped 7.8% on contract wins.Tonight US nonfarm payrolls data will be in the spotlight, issued a day earlier than usual due to the July 4 holiday.