Lunch Wrap: ASX stuck in neutral as CBA cash machine hums on

Detailed summary

The ASX barely budged as tech stocks perked and CBA served up another $2.8 billion in profit. ... Read More The post Lunch Wrap: ASX stuck in neutral as CBA cash machine hums on…

The S&P/ASX 200 was down just 0.1% at lunchtime on Wednesday in Sydney, taking a breather after yesterday’s 1.1% rally.

Overnight, US inflation came in hotter than expected and traders immediately started sweating over the prospect of another Fed rate hike in December.

Anthropic was preparing for a whopping US$1.4 trillion stockmarket debut, and some early backers were already trying to flog their expected shares at a premium.

Think about that. The shares aren’t even trading yet, and someone’s already trying to make a quick buck selling them at a markup.

Back on the ASX, though, tech led the way as investors picked through some recently battered names.

Mining stocks were in the red, and there was a pretty good reason for that.

Gold fell 3% overnight, silver dropped 3.5% and copper lost 2%, as talk of higher US rates took the shine off metals pretty quickly.

Oil also ducked below US$90 for a spell, as hopes of things calming down in Iran took some of the steam out of prices.

Pexa (ASX:PXA) got whacked 6% after slashing FY27 revenue guidance to $355-380 million from $385-415m, and trimming its expected EBITDA margins too.

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