The ASX 200 momentarily hit a new intra-day trading high today, but is now back in the red, as consumer confidence data shows the effect of Melbourne's latest lockdown.

The ASX 200 rose a solid 0.6 per cent on open and hit a new intra-day high just before lunchtime at 7,332.

That was boosted by gains in mining stocks, with Perenti Global jumping after bagging a large contract from Sandfire Resources.

But by 1:15pm AEST, the positivism had flatlined and was starting to turn into the red with the ASX 200 down 0.1 per cent.

That was after Westpac released consumer confidence data. 

"The Index has now fallen by 9.7 per cent over the last two months," its analysts said. 

"We think the initial 4.8 per cent fall in May can be mainly attributed to a combination of a statistical correction following a very strong surge in April to an 11-year high, and some disappointment around the budget given high expectations leading into the announcement.

Almost half of the ASX 200's companies were in the red.

The major sector losers included tech stocks and the banks. 

The biggest hit overall was being felt by Altium (-5.1pc). The software maker soared by 40pc yesterday on a takeover bid and is now paring back on some of that gain.

Brick company boosted by building boom

Apart from the miners, those who were doing well today included Australia's largest brick manufacturer. 

Brickworks released estimates that its earnings before interest and tax will surpass expectations in both Australia and North American this financial year.

Brickworks said the COVID home-building boom in Australia and demand from retailers wanting to build bigger warehouses during the pandemic underscored demand for its product here.

Building materials including bricks have been rising as demand soars during COVID.

"The availability of some materials, such as timber for house trusses, is an issue in some areas, with the resultant delays likely to flatten and extend the duration of the existing pipeline of work," Brickworks managing director Lindsay Partridge said.

It had also seen growth off its property portfolio with developments including an Amazon facility and a Coles distribution warehouse.

Its share price was up 8.5 per cent on open.

The 'meme stock' effect continues on Wall Street

On Wall Street, the Dow closed marginally down (-0.1pc) while the S&P 500 was flat and the Nasdaq saw a comfortable gain of 0.3 per cent.

That gain was led by major tech stocks Amazon and Apple.

However, analysts there said the market was subdued and there was not a lot to motivate it to do anything exciting.

So-called meme stocks did rally, though.

The trend of small, underperforming and frequently shorted stocks being picked up by retail investors was seen during the GameStop phenomenon earlier this year.

The latest rally involved a little known healthcare insurer Clover which has soared by more than 100 per cent.

Analysts say its stock is at least 43.5 per cent shorted.

Other notable rallies include Bed Bath & Beyond, Workhorse Group and the original meme stock, GameStop.

Over in Bitcoin, the losses are less severe today with a dip of 1.9 per cent to $US33,535.

The cryptocurrency has been suffering after more tweeting by Elon Musk, further regulation by China, and in latest news comments by former US president Donald Trump that the currency is "a scam".