At noon, the S&P/ASX 200 is 0.37 per cent lower at 7,298.

There was a sell-off in the technology sector triggered by disappointing earnings results on Wall Street. The local technology sector tumbled 2.9%, with Xero (ASX:XRO) falling 3.7% to $122.47 and Megaport (ASX:MP1) declining 2.9% to $9.66. Additionally, the tech-heavy Nasdaq index sank 2.05% overnight, as Tesla and Netflix delivered disappointing quarterly results.

The SPI futures are pointing to a fall of 23 points.

Best and worst performers

The best-performing sector is Consumer Staples, up 1.02 per cent. The worst-performing sector is Information Technology, down 2.81 per cent.

The best-performing large cap is Endeavour Group (ASX:EDV), trading 1.95 per cent higher at $6.025. It is followed by shares in Treasury Wine Estates (ASX:TWE) and Woolworths Group (ASX:WOW).

The worst-performing large cap is Mineral Resources (ASX:MIN), trading 6.28 per cent lower at $71.02. It is followed by shares in Newcrest Mining (ASX:NCM) and Pilbara Minerals (ASX:PLS).

Asian markets

Asia-Pacific markets fell on Friday as investors digested Japan's consumer price index figures for June. The country's core inflation rate - which strips out costs of fresh food - came in at 3.3%, in line with expectations of economists polled by Reuters, official data showed.

This is slightly higher than May's figure of 3.2%, and also above the Bank of Japan's 2% target. The country's headline inflation rate also came in at 3.3% in June, up from May's figure of 3.2%.

The Nikkei 225 fell 0.26%, but the Topix was 0.22% up as the inflation data comes ahead of the BOJ's closely watched meeting next week for its rate decision.

South Korea's Kospi fell 0.34%, and the Kosdaq retreated from its 16 month high to fall 0.65% as producer prices fell for the first time since November 2020.

Mainland Chinese stocks were also all in negative territory, with the Shanghai Composite down 0.11% and the Shenzhen Component marginally lower.

Company news

Mosaic Brands (ASX:MOZ) achieved a significant turnaround, swinging to a $17m profit in FY23 with a 9.6 per cent growth in store-only comparable sales and a 6 per cent decrease in online sales, attributing its success to returning in-store customers and improved cost management. In response, Mosaic CEO Scott Evans, stated "Our customers are back in-store and staying online." Shares are trading 31.3 per cent higher at 21 cents.

Victory Metals (ASX:VTM) secures additional funding from the conversion of unlisted options, completes a heritage survey, and is set to deliver the maiden JORC Mineral Resource Estimate for the North Stanmore Rare Earth Element Project in Western Australia. Shares are trading 5.15 per cent higher at 35.8 cents.

Atlas Arteria (ASX:ALX) reported strong Q2 2023 toll revenue and traffic growth, with a 4.8 per cent increase in weighted-average traffic and an 8.2 per cent rise in toll revenue driven by robust traffic in France and higher tolls in an inflationary environment, except for the Chicago Skyway, which was impacted by planned roadworks. Shares are trading 1.04 per cent lower at $6.21.

Commodities and the dollar

Gold is trading at US$2014.00 an ounce.

Iron ore is 2.0 per cent higher at US$116.25 a tonne.

Iron ore futures are pointing to a 0.5 per cent fall.

One Australian dollar is buying 67.73 US cents.