Market Wrap / anaemic growth

Investors took profits in today's session after the S&P/ASX200 yesterday climbed to a new record above 8,500. It finished the session down 0.4% at 8462.60.

The latest economic growth data weighed on investor sentiment with real GDP rising just 0.3% in the September quarter, below market forecasts of 0.4%.

However, the weaker numbers were not enough to change expectations around the timing of RBA rate cuts. Real estate was the worst performing sector with shares in Goodman Group falling 2.9%, reflecting a $1.9 billion institutional block trade after yesterday's close.

The banks were also a drag with all majors finishing in the red. 

The tech sector defied the selling with Zip adding to its recent stellar gains, rising 1.2%.  

The mining sector was mixed with Fortescue rising 1.4%. Rio Tinto gained 0.9% after the company announced a joint venture with Japanese battery manufacturer Sumitomo Metal Mining to develop the Winu copper-gold project in Western Australia.

And Pro Medicus shares rallied 1.8% after its founders said they wouldn't be selling more shares in the foreseeable future after offloading about 2 million shares in the medical imaging software company.

Tonight, the focus remains on the US labour market with ADP employment data, while tomorrow we get Australia's trade balance.