The ASX closed 0.3% higher today as Treasurer Josh Frydenberg prepares to deliver his fourth Federal budget to the nation tomorrow night.

The Budget is expected to see $120bn of funds allocated to sectors such as defence, infrastructure and technology research. $250 is also expected to get into the pockets of those earning less than $120k to offset rising fuel and food costs.

JP Morgan expects the forecast Budget deficit to come in at $80 billion.

On the ASX, the metals and mining index allied by 1.5%  to a 7-month high on the back of surging iron ore price. After falling to less than US$100/ton a few months ago, the spot iron ore has now climbed back to over US$150/ton, mostly driven by shortages at Chinese mills.

The Tech sector slipped by more than 2% as rate hike bets increase.  Aussie bond yields continued their rally today as bets by traders on the RBA hiking its cash rate increase.

There were similar moves in the US, where the benchmark 10-year yield is now trading at 2.47%,  up 0.50% just in the past few weeks.

Meanwhile, investors have given the thumbs up to the resignation of Star Entertainment (ASX:SGR) CEO, Matt Bekier. Bekier has been in hot water recently as the Inquiry into Star’s dealings revealed how he reacted angrily to a 2018 independent report by KPMG. The SGR price lifted by 0.3% today.

BIG CAP WINNERS

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APM Human Services (ASX:APM) has been awarded 44 Workforce Australia contracts across 27 employment regions in Australia.

Under the deal, APM will provide career transition services, employability skills training and transition to work programs to Workforce Australia.

No figures were disclosed.

BIG CAP LOSERS

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Fintech stocks like Xero (ASX:XRO) and Block Inc (ASX:SQ2) led the tech selloff today, and were down by around 4% each.