After making a steady start to the week on Monday, the ASX 200 ran into a roadblock on Tuesday to finish ~0.8% lower.

Large cap resources stocks led the laggards, as the ASX 200 Materials index fell by more than 1.7%.

There were few standouts in a broader sea of red, as risk-off sentiment held sway while gold stocks also fell.

Investors digested the first virtual meeting between US President Joe Biden and Chinese leader Xi Jinping, which wrapped up just before the ASX close.

RBA governor Phil Lowe gave a speech in the early afternoon, where he reiterated that he doesn’t expect benchmark interest rates to rise in 2022.

On global markets, S&P500 futures are trading flat in Asian trade, ahead of the Tuesday open on Wall Street.

BIG CAP WINNERS

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Large cap gains were led by environmental technology company Calix (ASX:CXL), which develops solutions for advanced batteries, crop protection, aquaculture, wastewater and carbon reduction.

Investors responded positively to the company’s AGM presentation today, sending CXE shares up by around 10%.

The company said it remains on track in hitting its operational objectives across five core business development channels, after booking 22% growth in annual revenues for FY21 of $29.9m.

$3.25bn biotech stock Imugene (ASX:IMU) also posted solid gains, after announcing a partnership agreement with global pharma giants Merck KGaA and Pfizer Inc to support the Phase 2 clinical trial for Imugene’s HER-Vaxx treatment on patients with HER-2 positive gastric cancer.

Also among the leaders were two large cap ecommerce plays — the $1.6bn luxury-brand focused Cettire (ASX:CTT), which rose ~4.5%, and the $1.26bn homewares retailer Temple & Webster (ASX:TPW), up more than 2%.

And market-darling Chalice Mining (ASX:CHN) has consolidated its recent gains to climb above $10, following last week’s maiden resource estimate which confirmed Julimar as the largest PGE discovery in Australian history.

BIG CAP LOSERS

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