• Financial stocks led the way as the ASX 200 dipped by around 0.5%.
  • Large cap coal stocks also found demand following news of more Russia sanctions
  • ASX 200 tech companies fell sharply, after leading the market on Monday

ASX large caps outperformed the smaller end of town on Tuesday, as risk appetite dimmed following a lacklustre session on Wall Street overnight.

The big banks were the only major sector to close in positive territory, as markets again got jittery over the actual pace at which central banks might have to tighten policy.

Having got comfortable with the idea that rates will rise, lingering doubts remain as to whether central banks are behind the curve on inflation, along with the effects from the US Fed’s plans to reduce the size of its balance sheet.

In turn, the US dollar index is on the cusp of breaking back through 100 for the first time since May 2020.

Large cap ASX gold stocks lost ground today after prices for the precious metal eased back towards US$1,900/oz.

The ASX 200 Information Technology index also underperformed the broader market with a fall of 2.94%, while the primary driver of recent ASX gains — resources stocks — also cooled off on Tuesday.

 

BIG CAP WINNERS

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Among stocks with a market cap of +$1bn, some downward pressure on resources wasn’t enough to stop the upward momentum for lithium player Sayona Mining (ASX:SYA), which jumped by almost 10% to 34c and now has a market cap of $2.2bn.

Investors also turned their attention to large cap gold stocks, following news that Europe wants to cut off Russian coal supply. Whitehaven (ASX:WHC) jumped by more than 5%, with similar gains for Stanmore Resources (ASX:SMR) and Yancoal (ASX:YAL).

Elsewhere, money also moved back into travel stocks while beleaguered financial services company AMP (ASX:AMP) was the best of the banking and finance stocks on a good day for the sector more broadly.

 

BIG CAP LOSERS

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Among the large cap losers, the bellwether for big tech moves — Afterpay parent Block Inc (ASX:SQ2) — fell back to the pack with a 6.9% fall one day after leading the market on Monday.

Another beleaguered financial services company, Magellan (ASX:MFG), also fell sharply with a 6% dip on no news.

Tuesday’s large cap losers list was also populated by a number of lithium and rare earths plays, whose strong gains have seen them climb above the $1bn market cap threshold.