Tech stocks drag ASX to a lower finish for the week after Netflix and Tesla cause a decline on Wall Street — as it happened
The Australian share market has followed Wall Street's lead, with tech stocks causing it to shed 0.2 per cent in its final day of trade for the week.
It followed significant declines for Netflix and Tesla overnight, sending the Nasdaq lower, despite sending markets higher the day before after releasing earnings.
Look back on the day's financial news and insights from our specialist business reporters on our blog.
Disclaimer: this blog is not intended as investment advice.
By Kate Ainsworth
Now the (trading day) is done, here's how the markets looked at 4:20pm AEST:
Updates on the major ASX indices:
By Kate Ainsworth
After setting a new high last week, the ASX has finished 0.2% lower for the day, down to 7,313 points and leaving it virtually unchanged after the week of trade.
After the tech stock sell-off on Wall Street overnight, the local tech stocks on the ASX led its lower performance for the day, with the technology sector shedding 1.1%.
Xero slipped by 3.9%, Technology one and Life360 fell by 2.9%, and Block was down by 2.1%.
Industrials were also down by 0.7%, and financials dipped by 0.5% — with all of the big four banks dipping in the range between 0.1% to 0.8%.
Consumer non-cyclicals were the best-performing sector, up 1.2%, and energy gained 1.1%.
The top five performers for the day were:
As for the worst five performers:
And that brings us to the end of the financial markets for another week — thanks for joining us.
We'll be back to do it all next week, when we will see the latest quarterly inflation numbers ahead of August's all-important RBA meeting.
Until then, you can catch up on today's developments below, or download the ABC News app and subscribe to our range of news alerts for the latest news.
By Kate Ainsworth
If you missed this yesterday, new court documents have laid bare how Crown Resorts argued for an interest-free payment plan for Australia's third-largest corporate fine.
You can get the full rundown from my colleague Daniel Ziffer below:
If you can't watch, you can read Dan's story below:
By Kate Ainsworth
Coking coal producer Coronado Global Resources is looking like it will be one of the best performers today to round out the week — and it's all because of what was disclosed in their quarterly report.
Coronado's quarterly group saleable production is up 22% compared to its March quarter to 4.5 million tonnes, while its group run of mine (ROM) coal production was 15% higher to 7.2 million tonnes.
Its revenue for the June quarter came in at $US728 million ($1 billion), with capital expenditure totalling $US48 million ($70.8 million).
Although Coronado has flagged higher capital expenditure for the 2023 financial year, it's also expecting coking coal prices to remain well above the long-term average, and demand to continue to rise.
Put that all together, and it makes sense why its share price is tracking up today — it's given investors something to be optimistic about.
By Kate Ainsworth
The ASX is staying lower as we move through the trading day, down 0.3% as of 1:30pm AEST to 7,303 points.
With only a few hours of trade left, it's looking increasingly likely the local share market will finish roughly where it started this week.
A continued slide in tech stocks is a big driver behind the ASX's dip, with the technology sector down 1.1%, and the academic and educational, industrials and financial sectors each down 0.7%.
Consumer non-cyclicals are up 1.1% though, while energy has gained 0.6%.
As for the top movers:
At the other end, miners are among the worst performers:
By Kate Ainsworth
Here's how things are faring as of 1:30pm AEST:
Live updates on the major ASX indices:
By Kate Ainsworth
Yesterday's stronger than expected jobs numbers are likely to make the Reserve Bank's decision on interest rates much more difficult, according to economists.
But as employers continue to face tight conditions in the jobs market, they're finding a different group of people to employ — retirees who have been lured back.
The proportion of people over the age of 65 that make up the participation rate has been steadily rising since 2005, and more retirees are coming through to fill job vacancies.
You can watch the full story by business reporter Rachel Pupazzoni below:

Alternatively, you can read this story from Rachel and Michael Janda below:
By Kate Ainsworth
Cryptocurrency exchange FTX Trading has sued founder Sam Bankman-Fried in an attempt to recoup more than $US1 billion that he and other executives allegedly misappropriated before the company went bankrupt.
The complaint filed in Delaware bankruptcy court also names as defendants Caroline Ellison, who led Bankman-Fried's Alameda Research hedge fund; former FTX technology chief Zixiao "Gary" Wang; and former FTX engineering director Nishad Singh.
FTX said the defendants continually misappropriated funds to finance luxury condominiums, political contributions, speculative investments and other "pet projects", while committing "one of the largest financial frauds in history".
The alleged fraudulent transfers occurred between February 2020 and November 2022 when FTX filed for Chapter 11 protection, and could be undone — or "avoided" — under the US bankruptcy code or Delaware law, FTX said.
A spokesman for Bankman-Fried declined a request for comment from Reuters.
Bankman-Friend has pleaded not guilty to several criminal charges, while Ellison, Wang and Singh have pleaded guilty and agreed to cooperate with prosecutors.
By Kate Ainsworth
NAB has become the last of the big four banks to hike its fixed rates for owner-occupiers and investors by 0.30 percentage points.
CBA, Westpac and ANZ have all lifted their fixed rates in the last 10 days, and now with NAB following suit, there are no longer any fixed rates from the big four banks under 6%.
Here's how today's changes from NAB affect the lowest fixed rates it offers for owner-occupiers paying principal and interest:
For reference, here's the lowest advertised fixed rates with the big four banks now, per
So why the rise? Is it because of the RBA's past rate hike?
Here's's research director Sally Tindall's take:
"Pressure on profit margins is likely to be the key motivator behind these fixed rates increases. Conveniently, a lack of interest in fixing from borrowers gives the banks the ability to hike these rates without any significant consequence," she said.

"These higher rates aren't washing with borrowers who are about to come off their fixed rate and looking to reassess their options.
"For the small proportion of borrowers opting to re-fix, they'd do well to look beyond the big four banks."
By Kate Ainsworth
Thanks to eagle-eyed Chris for pointing out that the "muted start" to trade this morning in my latest post is because prices haven't settled and that's why all the top and bottom performing companies start with the letters A and B.
He's right in that it's early days, which I've pointed out, but let me quickly take you behind the scenes of how we keep watch of the markets — think of it like a really quick school excursion.
The software we use to track the markets gives us a really handy overview of the ASX 200 index. The way it's formatted is such that before markets open, the top movers are always companies starting with A and work their way down the alphabet, and the bottom movers always start with Z and work their way up the alphabet. (This is to say, the first take of the bottom five movers had updated.)
Our software takes around 10-15 minutes to process the movements, which is why avid market blog watchers will notice that you'll nearly always see us post our first updates about the market open any time after 10:15am AEST.
The initial post we do is to capture those very early shifts to the market in those opening minutes, so naturally we can expect some volatility in the minutes and hours after 10am when they open — that is the nature of the markets, after all.
Now trading is well underway for the day, things are moving around as we would expect, and that gets reflected in our updated posts throughout the trading day.
OK, excursion over — but here's a quick snapshot of the top and bottom performers, straight from the software itself before the next update around lunchtime.
By Kate Ainsworth
The ASX has started off its final trading for the week lower, opening down 0.3% to 7,305 points as of 10:25am AEST.
(If you want live figures, head to the top of the blog and expand the post for a complete rundown of the main indices.)
Although the ASX is lower, it's pretty muted overall for the sectors.
Energy is the biggest winner so far, up 0.1%, while consumer cyclicals and utilities are down 0.1% each.
The other sectors are otherwise in completely neutral ground and haven't moved at all.
It's also fairly muted looking at the top and bottom movers across the market (which is to be expected, as it's still early days).
The top five movers:
And the bottom five:
By Kate Ainsworth
Here's how things are shaping up as of 10:15am AEST:

Live updates on the major ASX indices:
By Kate Ainsworth
If you missed it yesterday, the energy regulator confirmed that the closure of the Liddell power plant in April was part of the reason for the cost of electricity to soar.
A report by the Australian Energy Regulator (AER) said wholesale electricity prices rose over the second quarter of the year because of higher demand in southern states, lower solar generation, and reduced cheap coal capacity in New South Wales and Queensland.
"In NSW, the reduction in black coal capacity largely reflected Liddell power station's exit," the report said.
"Had Liddell's capacity still been available, prices would have been lower."
If you want to read more about this, here's a link to take you there:
By Kate Ainsworth
Perth-based company EX Engineering has been purchased by electrical services provider IPD Group for $10.2 million.
EX Engineering bills itself as a "family business" that specialises in supplying, modifying, repairing and designing hazardous area electrical equipment (or Ex equipment), and supplies companies in the oil and gas, mining, manufacturing and agriculture industries.
IPD Group will pay $10.2 million for the business, with $9.2 million in cash and $1 million in newly-issued IPD shares.
"This acquisition will significantly enhance IPD's Ex equipment offering to clients, with a focus on expanding the EX Engineering business to the eastern states," IPD said in a statement to the ASX.
EX Engineering founders Warwick and Jenni Greville will remain with the business.
By Kate Ainsworth
It sounds far-fetched, but it might become reality after the federal government released the first iteration of a report that examines our wellbeing, how it affects the economy, and ways governments can improve the lives of Australians.
It's titled "Measuring What Matters" and bills itself as Australia's first wellbeing framework.
It measures Australia's progress on 50 indicators, including health, security and sustainability, with the aim of better aligning economic and social policy.
The report will feed into the budget deliberations to identify trends and gaps to inform policies to ultimately improve wellbeing across the country.

To get you up to speed, senior business correspondent Peter Ryan has unpacked it all for us — you can take a listen below.
By Kate Ainsworth
Treasurer Jim Chalmers says yesterday's surprising drop in the unemployment rate was "broadly consistent" with what the government expected, and is "quite a remarkable thing" given current economic conditions.
Speaking to RN Breakfast a little while ago, he said the latest ABS data showing unemployment was at 3.5% was a "good kind of surprise".
"I think the fact that our jobs market has been really quite remarkably strong, I think has been a good kind of surprise," he told host Patricia Karvelas.
"It's broadly consistent with what we expected in the budget, maybe a little bit stronger than most people anticipated.
"But when you consider what's coming at us from around the world, it really is quite a remarkable thing, that we've got unemployment at 3.5%.
"And under the life of this government, the first 13 months of this government, something like half a million new jobs have been created, so that's a real source of strength.
"Our jobs market is really holding up despite the economy slowing considerably elsewhere."

Karvelas then followed up by asking if it would put pressure on the RBA to raise rates again next month, but Chalmers said it would depend on a range of economic factors.
"They'll [the RBA] weigh up a whole range of factors that weigh up global uncertainty," he replied.
"Some of the other data has been a bit softer, the national accounts for March were certainly relatively flat, and so they'll have the opportunity to consider the jobs market but also in the context of all of these other indicators that show that our economy is slowing.
"But our labor market that jobs market is holding up really well."

By Kate Ainsworth
Greens senator Barbara Pocock says trying to get information from consulting firms EY and Deloitte in a Senate committee this week was like getting "blood from a stone" and has left her with more questions than answers.
Senator Pocock is on the committee investigating the consulting giants, with the sector facing a number of scandals, including PwC's tax leak fiasco.
EY and Deloitte faced questioning at the Senate committee this week, but Senator Pocock told News Breakfast they were not forthcoming with information.
"It felt like trying to get blood from a stone, to be honest," she said.
"We had given a lot of notice to some of these big companies that are partnerships about their appearance, EY and Deloitte.
"We asked them to tell us about their partnership arrangements, their rule book, the way they run, and deal with a number of matters that have been raised publicly through questions on notice, and we're left wanting.
"We really need to know much more about the way in which these organisations pursue their consultancy incomes and we also heard a lot from two very significant people who've spent years inside these companies talking about the culture, the culture that arises from a business model that goes hard after money and makes that the primary reason for existence and that really affects the way in which people live the culture inside the organisation, very pressured.
"And it means that ethics are often the casualty of the pursuit of the contract."
You can watch Senator Pocock's full interview below:
By Kate Ainsworth
I mentioned it earlier, but it's big enough news that it deserves a full post in all its glory — and that is Blackstone becoming the first private equity firm to manage $US1 trillion ($1,475 trillion).
That's despite the firm's second quarter distributable earnings (or what it can pay to shareholders in dividends) dropping by 39% because of a slump in asset sales.
Its distributable earnings fell to $US1.2 billion from nearly $US2 billion last year.
As for how big that asset sale slump has been? Blackstone's net profit from asset sales fell by 82%, down to $US388.4 million from $US2.2 billion a year ago — and that's because of high interest rates, sticky inflation, and broader economic uncertainty.
Blackstone had originally planned to reach the $1 trillion milestone by 2026, meaning they've hit their goal three years ahead of schedule.
It's also well ahead of its biggest rival, Brookfield Asset Management, which has $US825 billion in assets.
By Kate Ainsworth
Here's how the markets are looking as of 7:50am AEST:
By Kate Ainsworth
Good morning and welcome to Friday, July 21, and the ABC's business and markets blog.
Let's start overseas where it was a mixed affair in the US overnight.
The Dow remains in the midst of its best winning streak since mid-2017, but the S&P 500 and Nasdaq fell thanks to the combination of economic data and company earnings season.
First up, the US labour market has continued to show its strength (much like ours here) with weekly jobless data showing the number of Americans filing for unemployment benefits unexpectedly falling by 9,000 — putting it in line with the lowest level in two months.
It's the second straight week where the unemployment filings have dropped, and it had a substantial impact on long and short interest rates, sending them higher in the bond markets.
Those moves for interest rates provided some headwind for tech stocks, but after solid gains yesterday thanks to bumper earnings, both Netflix and Tesla stocks suffered a significant declinedown 8% and 9% respectively.
It's not all bad news though — Netflix is still up by 50% and Tesla shares have picked up 140% in year-to-date terms, even with the falls overnight.
And it wouldn't be a tech stock whip-round without mentioning recent market darling Nvidia — its stocks were down 3%, even though Tesla's earning report said it would buy as many chips as Nvidia could produce.
Meanwhile, Blackstone has become the first private equity firm to manage $US1 trillion ($1,475 trillion).
So, what does this all mean for the local market?
ASX futures suggest we're in for a pretty flat start, with investors likely to take some time pouring over yesterday's surprising jobs figures and what might happen with interest rates — although they will be looking ahead to what inflation might do next week.
But we could see some positive impact on the local market thanks to some positive shifts in the Europe, with mining, industrial and bank stocks doing quite well.
Phew! Still with me? It's great to have your company — pour yourself a coffee, settle in, and let's see if today will give us a winning performance like our Tillies last night.
(Football fans, please forgive me for the lack of GIF from last night's win.)
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