The sharemarket dropped on Wednesday to snap a three-day winning streak after a return of risk-off sentiment hit Wall Street, sending US tech stocks tumbling.

The S&P/ASX 200 was down 0.2 per cent, or by 13.8 points, at 7846.6 points near 2pm. Eight of 11 sectors traded in the green. The All Ordinaries slipped 0.2 per cent.

Futures suggested Wall Street would rebound after technology took a beating overnight, with Tesla tumbling 5.3 per cent. The VIX index, a gauge of investor fear, jumped 5.8 per cent. Spot gold held near a record of $US3038.33 an ounce notched overnight as traders dumped shares and flocked to haven assets.

Fears that President Donald Trump’s global trade war would harm the US economy are still swirling around Wall Street after the S&P 500 Index plunged into correction territory last week. Traders are turning attention to the US Federal Reserve’s monetary policy decision on Thursday (AEDT) – and looking for clues about the impact of America’s punitive tariffs on growth and inflation.

Australian technology shares tracked losses in New York. Data centre stock NextDC dropped 1.5 per cent. Utilities also weighed as traders took profits – Origin Energy sank 1.9 per cent and Mercury NZ 1.5 per cent.

Miners were a mixed bag. Mineral Resources retreated 5.1 per cent after it ceased haulage on its crucial Onslow iron haul road after a sixth jumbo road train crash.

Traders also took profits on gold miners after the bullion price hit a record. Gold Road Resources dropped 3.2 per cent and Ora Banda Mining 4.7 per cent after its largest shareholder, Hawke’s Point Holdings, trimmed its stake. Iron ore miners BHP and Fortescue posted small gains.

Mortgages insurer Helia Group posted the largest loss, slumping 15.6 per cent after the shares traded ex-dividend.

Stocks on the move

In corporate news, WiseTech slipped 0.2 per cent on a board review that shed further light on executive chairman Richard White’s conduct.

Department store Myer fell 2.4 per cent after posting flat sales in the first half. Its bottom line was crushed by 40 per cent after taking in strategic review costs, impairments and other significant items.

Dicker Data slipped 1.1 per cent after chief executive David Dicker sold a 4.6 per cent stake, or more than 8 million shares, to fund his divorce settlement.

Capricorn Metals dropped 3.6 per cent despite closing its remaining 55,000 ounces of gold forward sale hedge contracts, as it looks to boost exposure to record bullion prices.