ASX falls on tech and materials; CBA sides amid $9.6bn profit; GrainCorp rallies on guidance

ASX 200 ends below 7000 on broad losses. ANZ best single-day gain since 2020, CBA falls on 'disappointing' outlook, St Barbara dives on update and GrainCorp up on guidance uplift.

Investors are focused on banks’ outlook, housing focus this morning. Picture: NCA Newswire/Gaye Gerard

Welcome to the Trading Day blog for Wednesday, August 10. The Australian sharemarket closed in the red as tech and materials fell, while CBA missed out on share price gains enjoyed by the other banks after reporting "disappointing" margins in its FY22 result.

The S&P/ASX 200 index retreated by 0.5 per cent to 6992.70 with all sectors bar utilities and financials in the red.

On Wall Street, investors were cautious ahead of this week’s inflation update. The Dow Jones index fell 0.2 per cent while the S&P 500 index lost 0.4 per cent and the Nasdaq index was off 1.2 per cent as chipmaker Micron cut revenue forecasts and Microsoft ramps up cost savings.

US 10-year bond yields rose to near 2.78 per cent and US 2-year yields rose to 3.26 per cent.

Oil prices fell with the international benchmark Brent crude price down 0.4 per cent to $US96.31 per barrel and the US Nymex crude price down 0.3 per cent to $US90.50 a barrel.

Iron ore futures fell 1.5 per cent to $US109.28 per tonne.

The Aussie dollar was near US69.60c at the US close.