End of Day – Tue 24 May

• The ASX 200 drifted around in a tight range today before sliding to close down 20 at 7129 (0.3%). Overnight optimism was snapped shut as social media stocks in the US tumbled after hours. Banks were a bright shining light with the Big Bank Basket up to $185.09 as CBA rose 0.6% and NAB up 1.0%. Insurers drifted lower, MQG down 0.6% and fund managers giving it all away, MFG down 3.4% and GQG off 2.0%. Industrials slipped slightly as tech wrecked again with Snap the culprit this time. WTC lost 3.0%, XRO down 2.3% and the All-Tech Index down 3.0%. BNPL continues to implode with ZIP off 5.4% and SZL down 10.5%. PPH managed to get private equity interested, wing and a prayer and the stock rose 15.6%. Telcos slid with TLS down 1.3% and SEK and REA back in the red. Resources held firm but some selling crept into iron ore stocks with BHP flat and golds off slightly. NCM down 1.6%. Lithium back in favour, PLS up 3.2% and MIN up 1.7% with LTR doing ok, up 2.7%. Oil and gas going nowhere. 
• In corporate news, TAH had its first day as a demerged business with new lottery business TLC kicking off life. NUF had a shocker down 14.6% as Sumitomo exited left after 12 years, CHN in a halt as it raises $100m for Gonneville PFS, and nothing exciting on the economic front today. Meanwhile in Asia markets pushed lower on US futures falling, China down 1.2%, HK down 1.6% and Japan down 0.8%. !0-year yields at 3.32% 

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