The ASX 200 followed Wall Street lower in Tuesday trade, in line with what looks like the emergence of a broader global trend; buy oil and gold, sell tech.

The ASX 200 Energy index is up by around 18% since September 20, and oil & gas stocks again outperformed today after OPEC member states last night poured cold water on the idea of accelerating production as crude prices rise.

Higher energy costs combined with a global shipping crunch continues is providing some support for the narrative of more sustained supply-side inflation in the months ahead.

In that environment, gold stocks are also outperforming while high-growth tech stocks are coming under pressure.

Falls on the ASX today were led by the ASX 200 Information Technology index which slipped by around 3%.

The broader ASX 200 index rallied slightly into the close to finish 0.56% lower.

BIG CAP WINNERS

Swipe or scroll to reveal the full table. Click headings to sort.

Large cap gains were led by $1.24bn gold play De Grey Mining (ASX:DGM), after a scoping study showed the company’s Hemi discovery has the capacity to produce 473,000oz of gold a year for the first five years of operation.

Also rising strongly was online retail company RedBubble (ASX:RBL), which rose by more than 7% on no news a day after dropping 4% following the release of its annual report.

In line with the broader market trends, the Tuesday large winner’s list was also populated by a host of large cap oil & gas plays along with other gold stocks.

Leading the pack in energy was Woodside Petroleum (ASX:WPL), which rose by more than 3%.

Shares in $1.25bn uranium producer Energy Resources Australia (ASX:ERA) climbed by around 4%, a day after the company announced the resignation of its CEO Paul Arnold, who was in the job on secondment from Rio Tinto and will now return there.

Brad Welsh — also on secondment from Rio — will step into the acting CEO role while “recruitment for a replacement will commence immediately”, the company said.

BIG CAP LOSERS

Swipe or scroll to reveal the full table. Click headings to sort.

Just like the winner’s list skewed towards gold and energy, today’s big cap losers table showed an obvious lean towards tech stocks — most notably BNPL.

Leading the laggards in that sector was Sezzle (ASX:SZL), which fell more than 7% and is now trading just slightly above Stockhead’s $1bn large-cap cutoff with a market cap of around $1.08bn.

Afterpay (ASX:APT) dipped by another 5% and is now at its lowest levels since Square Inc’s ~$38bn bid for the company was announced in August.

A number of other tech market darlings continue to come under pressure, including cloud-based call recording software company Dubber (ASX:DUB) which has now fallen by around 30% since mid-September.

Battery technology company Novonix (ASX:NVX) fell by around 9%, as did zero-carbon lithium stock Vulcan Energy (ASX:VUL), while diversified tech group PPK Group (ASX:PPK) continued its descent from recent all-time highs above $21.