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Tennis anyone? Markets are like watching a tennis match - US stocks again pivoted in the last hour of trade, while our market popped higher at the open only to sink into a technical correction. Tech stocks bore the brunt of an aggressive US Fed overnight, down over 5% and taking year to date losses to near 20%. Aussie goldies were also caught in the crossfire. Financials opened in the green, then closed over 1% lower (a broker upgrade saved ANZ). Resources were up 2-3% before even green energy darlings succumbed to the sell button. The winners were energy-related as oil reached US$90, top performers were Beach Energy, Santos and South32. Premier Investment’s update revealed blockbuster sales, and it closed 2.5% higher to defy the gloom. By the end of the session, the S&P/ASX200 lost 123 points or -1.8%. For comprehensive coverage of the Federal Reserve meeting and what it means for you, watch today's episode of the big picture.


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