AU Morning Wrap: ASX Falls; Gold Stocks Jump

On Tuesday, U.S. stocks experienced their second consecutive day of decline. Technology shares, particularly $Apple(AAPL.US)$, were under pressure, which contributed to the market's downturn. Investors were also cautious ahead of Federal Reserve Chair Jerome Powell's remarks and labor-market data, which would provide insight into the central bank's interest-rate path and the economy's overall health.

The $S&P 500 Index(.SPX.US)$ fell by 1%, or 52.30 points, to close at 5,078.65. The $Dow Jones Industrial Average(.DJI.US)$ also saw a 1% decline, falling 404.64 points to end at 38,585.19. The $Nasdaq Composite Index(.IXIC.US)$ experienced the largest decline, tumbling 1.7%, or 267.92 points, to finish at 15,939.59.

The benchmark $S&P/ASX 200(.XJO.AU)$ was down 0.1%, or 9.8 points, to 7714.4. This drop was attributed to the underperformance of mining and technology stocks.

$ANZ Group Holdings Ltd(ANZ.AU)$'s share price rose by 0.7% after the bank agreed to a block trade to sell 16.5% of its shareholding in AMMB Holdings (AmBank) at MYR3.85 ($1.25) per share. This sale will reduce the major bank's shareholding in AmBank from 21.7% to 5.2%.

$Magellan Financial Group Ltd(MFG.AU)$ saw a 5.2% increase in its share price after its total funds management rose to $37.2 billion in February, up from $36.3 billion in January. The group reported net outflows of $200 million during the period.

Online luxury retailer $Cettire Ltd(CTT.AU)$'s shares experienced a significant drop of 24.8%. This drop followed an investigation by The Australian Financial Review, which revealed that the company had not paid duties charged on goods to the federal government.

Trading Ex-div: $QBE Insurance Group Ltd(QBE.AU)$, $Treasury Wine Estates Ltd(TWE.AU)$, $Northern Star Resources Ltd(NST.AU)$, $Super Retail Group Ltd(SUL.AU)$