After falling by ~0.8% on Tuesday, the ASX 200 struggled for traction in Wednesday trade to finish 0.15%.

Now that he’s shepherded the US economy through a pandemic, J-Pow is back for a second term. And while he’s not about to hike rates with a vengeance, he’s viewed by the market as ‘not quite as dovish’ as his chief competitor for the role, Lael Brainard.

What does that mean for markets? Markets themselves are unsure, but the US Dollar has rallied this week and gold stocks are lower.

If it’s not front and centre, it’s possible that the prospect of tighter monetary policy is at least becoming a ‘thing’.

In that environment, large-cap banking and technology stocks struggled again today, while resources stocks traded flat.

Energy stocks outperformed, as crude oil prices lifted overnight with markets assessed that the US government’s decision to release 50 million barrels from its Strategic Petroleum Reserve overnight wasn’t enough to move the needle on oil supply issues.

BIG CAP WINNERS

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Large cap gains were led today by luxury fashion ecommerce platform Cettire (ASX:CTT), which debuted on the ASX last December and. Shares in the $1.4bn company rose by more than 5% on no news.

Dubber Corp (ASX:DUB), the $1bn cloud based call recording software company, also rose steadily following the release of its AGM presentation this morning.

Among other notable movers, oil & gas plays Beach Energy (ASX:BPT) and Santos (ASX:STO) both made notable appearances on the winner’s list, following the overnight move higher in oil prices.

BIG CAP LOSERS

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