The ASX 200 plummeted ~2.7% today, with a huge 6% selloff in the Tech sector weighing heavily on the index.

All eleven sectors were in the red, following falls in Wall Street overnight that saw tech heavy Nasdaq slipping by 3.3%.

Recent investor jitters over interest rates were amplified as minutes from the US Fed’s December meeting confirmed that policymakers had outlined plans to lift rates sooner than expected.

In December, the Fed had indicated there would be at least three rate cuts in 2022.

Interest rate sensitive sectors like real estate and consumer discretionary also fell by around 4% in the broad-brushed selloff.

Afterpay (ASX:APT) got belted 10% after its soon-to-be parent, Nasdaq-listed Block Inc, slumped by more than 8% overnight.

Other BNPL plays like Splitit (ASX:SPT) got pummelled as well (down 8.5%), while Zip Co (ASX:Z1P) and Sezzle (ASX:SZL) continued their recent retreat.

 

BIG CAP WINNERS

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Financial group Latitude (ASX:LFS) makes a foray into the BNPL sector after announcing that it intends to buy out Humm Group (ASX:HUM)’s consumer business.

The business segment includes its BNPL, instalments and cards businesses, which is valued at 150 million Latitude shares and $35 million cash.

BIG CAP LOSERS

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Pinnacle Investment Management (ASX:PNI), Australian Strategic Materials (ASX:ASM), and Cettire (ASX:CTT) were the biggest losers today, all going down by around 11% on the back of negative sentiment.

It was the lowest level for Pinnacle since August last year.