Market Wrap / September slump

The S&P/ASX 200 fell for a fourth consecutive session on Wednesday, closing down 161.80 points at 8738.80, with all 11 sectors in the red. Heavyweight financials and technology stocks dragged the market lower.Traders faced the worst day since April despite GDP beating expectations, rising 0.6% in Q2 and 1.8% over the year, the fastest pace in nearly two years.The policy-sensitive three-year bond yield climbed to 3.45%, last seen in late July, while the 10-year yield rose to 4.40%, its highest in six weeks.Tech stocks followed Wall Street lower, with Nvidia down 2% and below its 50-day moving average. Xero led local losses, dropping 6.2%.Financials also fell, with Westpac down 3.7% after UBS downgraded the big four bank from “buy” to “neutral.”On the shiny side, gold surged past $3,500 an ounce, boosted by central bank purchases and strong investment demand. Newmont rose 1.2%. The large cap miners BHP Group and Rio Tinto gained 1.3% and 0.8% respectively.Looking ahead, US JOLTS job openings (July) are released tonight, expected at 7.3 million. Locally, Australia’s Goods Trade Balance (July) is due tomorrow, with a $5.5 billion surplus forecast.