AU Morning Wrap: ASX Sinks 1.7%, Head for 3-Month Low; Bond Yields Jump on Jobs Data

The $S&P 500 Index(.SPX.US)$ and the tech-heavy $Nasdaq Composite Index(.IXIC.US)$ each shed 0.8%. The $Dow Jones Industrial Average(.DJI.US)$ dropped 366 points, or 1.1%. All 11 sectors of the S&P 500 closed in the red.

The $S&P/ASX 200(.XJO.AU)$ tumbled 1.7 per cent at the opening bell as investors sold shares in interest rate sensitive tech, banking, and real estate businesses on concerns the US Federal Reserve will lift interest rates in July and Australia's Reserve Bank will follow its move in August to cool economies still delivering hot jobs data.

The tech sector is down 2.4 per cent, with $Xero Ltd(XRO.AU)$ lost 2.8 per cent, with $WiseTech Global Ltd(WTC.AU)$ down 2.6 per cent.

The materials sector has tanked 1.8 per cent, with $BHP Group Ltd(BHP.AU)$ shares down 2.3 per cent and gold miner $Northern Star Resources Ltd(NST.AU)$ off 2.8 per cent as investors also worry about China's economic rebound.

Shares in fund manager $Pinnacle Investment Management Group Ltd(PNI.AU)$ dropped 5.9 per cent after its performance fees missed the market's expectations.

$Aeris Resources Ltd(AIS.AU)$: Copper and gold miner Aeris Resources has withdrawn its EBITDA (operating income) guidance for financial 2023 due to production problems at its Jaguar and Mt Colin mines in Queensland.

$Regis Resources Ltd(RRL.AU)$: Gold miner Regis Resources said it expects to achieve record production in financial 2023 somewhere between 450,000 ounces to 500,000 in total. As at the end of the June quarter it said it had cash and bullion build of $39 million.

$Omni Bridgeway Ltd(OBL.AU)$: Class action funding business Omni Bridgeway said it has made commitments to fund $544.2 million worth of investments for the financial year to June 30, 2023, It said this equals an estimated portfolio value of $11 billion.

$Cromwell Property Group(CMW.AU)$: Property management business Cromwell Property Group has targeted a $1.1 billion merger with a fund run by Australian Unity Property Limited (AUDPF) to merge 15 property assets into one fund.

Dividends Paid: $Fisher & Paykel Healthcare Corp Ltd(FPH.AU)$