The Tech sector weighed heavily on the local index today and was down by more than 2.5%, dragging the ASX 200 lower by 0.70%.

The fall came on the back of negative sentiment on the Nasdaq overnight, which fell by more than 1%.

Investors have been trading cautiously ahead of a US Fed announcement due to be released tonight.

At its meeting in September, around half the Fed’s committee members forecast there would be at least one rate hike in 2022.

On the subject of tapering, economists surveyed by Bloomberg coalesced around the idea that the Fed will pick up the pace there as well — reducing bond purchases by between US$25-US$30bn a month.

In corporate news, Corporate Travel (ASX:CTD) is set to acquire Helloworld Travel (ASX: HLO)’s corporate and entertainment travel businesses in the ANZ for a total value of $175 million.

Wesfarmers (ASX:WES) meanwhile released a statement outlining why its proposal to acquire API remains the best offer since it would significantly benefit community pharmacists and Priceline franchisees.

Wesfarmers and Woolworths (ASX:WOW) are currently in a two way battle to take over pharmaceutical distributor Australian Pharma Industries (ASX:API).

BIG CAP WINNERS

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Code Name Price % Change Volume Market Cap
INR Ioneer Ltd 0.845 4.3% 23,422,624 $1,660,944,203
AWC Alumina Limited 1.87 3.6% 10,241,956 $5,237,534,958
AGL AGL Energy Limited. 5.94 2.4% 5,056,879 $3,818,599,093
WHC Whitehaven Coal 2.385 2.4% 7,771,022 $2,406,061,061
PTM Platinum Asset 2.69 2.3% 2,627,887 $1,542,965,507
SPK Spark New Zealand 4.31 2.1% 1,264,467 $7,888,967,001
PDL Pendal Group Ltd 5.58 1.8% 1,305,966 $2,097,074,821
LKE Lake Resources 0.85 1.8% 13,268,469 $1,019,609,283
PDN Paladin Energy Ltd 0.7525 1.7% 17,145,461 $1,982,341,579
JIN Jumbo Interactive 18.85 1.5% 240,378 $1,160,474,954
IAP Irongate Group 1.5975 1.4% 1,866,476 $1,067,172,363
CIM Cimic Group Ltd 18.08 1.4% 313,322 $5,550,412,779
COF Centuria Office REIT 2.38 1.3% 590,090 $1,399,759,445

After trading hours yesterday, healthcare giant CSL (ASX:CSL) announced  the acquisition of Swiss’ Vifor Pharma in an all-cash offer of US$179.25 a share or US$11.7bn. The acquisition will be funded by new placements, debt, and existing cash.

Asset manager Challenger Ltd (ASX:CGF) announced a new CEO this morning, Nick Hamilton.

BIG CAP LOSERS

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Evolution Mining (ASX:EVN) drops 5% after completing the sale of its Mt Carlton Operations assets to Navarre Minerals (ASX:NML) for about $40 million.