Market Wrap / Thursday tumble

The S&P/ASX200 snapped a three-day winning streak to fall 0.78% to 8967.7, pulling back from a five-month high. Local equities tracked Wall Street lower as the Fed left markets Fed left markets guessing over the path for interest rates, while rising Middle East tensions further weighed on risk sentiment.

Gold miners bore the brunt of the selling despite spot gold rising to $4,100/oz, with Genesis Minerals and Northern Star dragging on the sector. Consumer Discretionary also reversed yesterday's gains, led lower by major retailers including Wesfarmers, Harvey Norman and JB Hi-Fi.

Tech was the only bright spot, buoyed by strong gains in WiseTech Global, up 6.7% and TechnologyOne.

Among individual movers, Domino’s Pizza surged over 9% as investors looked past impairment charges to focus on a stronger-than-expected full-year profit outlook.

PLS Group gained 2.7% after beating quarterly production estimates, posting record annual sales and approving the final investment decision for its P2000 expansion.

On the downside, IperionX plunged 8.4% despite ramping up titanium powder output at its Virginia facility during the June quarter.

Tonight, markets will digest the Bank of England’s interest rate decision, US Q2 GDP and the US Core PCE Price Index, alongside corporate earnings from Apple and Amazon.