ASX 200 drops on tech and real estate; Aussie Broadband sinks

Tech leads broad losses on the ASX. Former Star CEO gives evidence, Aussie Broadband crashes, Cannon-Brookes eyes AGL register raid and Qantas leads travel stocks rally.

Markets are headed for a volatile week ahead of two key interest rate decisions in both Australia and the US. Picture: Nikki Short / NCA NewsWire

Welcome to the Trading Day blog for Monday, May 2. ASX traded lower on Monday will all sectors ending in the red after Wall St fell sharply on Friday. It comes as Aussie Broadband crashes 28 per cent on downgrade and Mike Cannon-Brookes firm eyes AGL register raid. 

The S&P/ASX 200 lost 1.2 per cent or 88.01 points to close at 7347.00, led by falls in tech (-4 per cent), real estate (-3.6 percent) and communication services (-2.2 per cent) sectors.

In the US, the Dow Jones Industrial Average slumped 2.8 per cent on Friday, the S&P 500 sank 3.6 per cent and the tech-heavy Nasdaq dived 4.2 per cent, capping off its worst month of selling since the global financial crisis.

Among commodities, iron ore lost $US4.31, or 2.9 per cent, to $US146.30 a tonne on Friday while US Nymex crude oil was trading down 1.2 per cent to $US104.13 a barrel.