AU Evening Wrap: Shares fall for third day as rates add to worries

Australia's $S&P/ASX 200(.XJO.AU)$ closed 0.8% lower at 7261.2, posting a third consecutive loss as traders sold shares of tech companies and other businesses exposed to economic uncertainty.

With the $Nasdaq Composite Index(.IXIC.US)$ having hit a 16-month low, the Australian tech sector fell 2.4%, taking its losses to 9.0% across four sessions and to 25% so far in 2022.

$Life360 Inc(360.AU)$ shed 29% after scrapping plans for a U.S. listing, while $Block Inc(SQ2.AU)$ lost 5.9%, $EML Payments Ltd(EML.AU)$ gave up 5.7% and $Appen Ltd(APX.AU)$ fell 4.3%.

Consumer stocks also dropped, while banks $National Australia Bank Ltd(NAB.AU)$, $CommBank(CBA.AU)$, $Westpac Banking Corp(WBC.AU)$ and $ANZ Group Holdings Ltd(ANZ.AU)$ fell between 1.65% and 2.6%. Commodity stocks bounced, paring overall losses.