Afternoon update: ASX down 0.58% with Tech getting slammed

The S&P/ASX 200 is trading 0.58 per cent lower at 7,237.00.

Futures

The SPI futures are down 50 points.

Best and worst performers

All sectors are in the red. The sector with the fewest losses is Utilities, down 0.17 per cent. The worst-performing sector is Information Technology, down 2.46 per cent.

The best-performing large cap is Meridian Energy (ASX:MEZ), trading 2.07 per cent higher at $4.92. It is followed by shares in Mercury NZ (ASX:MCY) and ASX (ASX:ASX).

The worst-performing large cap is Washington H. Soul Pattinson and Company (ASX:SOL), trading 5.42 per cent lower at $33.88. It is followed by shares in Xero (ASX:XRO) and BlueScope Steel (ASX:BSL).

Asian markets

Japan's Nikkei has gained 1.10 per cent.
Hong Kong's Hang Seng has lost -1.00 per cent.
China's Shanghai Composite has gained -0.03 per cent.

Commodities and the dollar

Gold is trading at US$1,950.30 an ounce.
Light crude is trading $0.56 higher at US$91.33 a barrel.
One Australian dollar is buying 64.45 US cents.
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Source: Finance News Network