23.06.202622:55:14UTC+00NZX Falls for 3rd Session, Tracking Wall Street Lower

The NZX 50 fell 38 points, or 0.3%, to 13,398 in Wednesday morning trade, extending its decline for a third consecutive session. The move followed an overnight sell-off on Wall Street, led by sharp losses in chipmakers amid concerns that major AI hyperscalers may be forced to slow investment in AI infrastructure.

Sentiment was further restrained by caution ahead of key US economic releases later this week, including the final estimate of Q1 GDP and the May PCE Price Index. Both data points are being closely watched for guidance on the Federal Reserve’s policy outlook at its upcoming meeting, after the Fed kept interest rates on hold last week.

Softer oil prices helped temper the broader market decline by easing some inflation worries. Still, weakness in financial, technology, healthcare, and industrial names weighed on the index. Notable decliners included Summerset Group (-2.3%), Fletcher Building (-2.1%), Ryman Healthcare (-1.3%), Gentrack Group (-1.1%), Hallenstein Glasson (-1.1%), Mainfreight (-0.9%), and Infratil (-0.6%).