The S&P/ASX 200 pared some losses through the afternoon to close 1 per cent lower.

The tech sector tumbled 3.4 per cent, with energy, healthcare, and consumer staples closing higher.

Cochlear jumped 9 per cent on its earnings report and Coles added 3.2 per cent after topping investors’ expectations.

Dual-listed tech giant Block tumbled 4.3 per cent and WiseTech lost 3.95 per cent.

The worst performer on the day was Nanosonics, down 13.1 per cent. Zip Co lost 9.7 per cent, and Tyro dropped 10.2 per cent, after falling 25.9 per cent on Monday.