Resmed shed 3.88 per cent, Fortescue tumbled 2.15 per cent and Lynas Rare Earths fell 1.76 per cent.

The Australian dollar fell 0.7 per cent to US64.95 cents. The local currency has lost 4.6 per cent this year amid expectations that interest rates in major economies will stay higher for longer.

On Wall Street overnight, the S&P 500 closed 0.2 per cent lower, continuing a quiet and listless run since it set a record last week. The Dow Jones lost 0.1 per cent and the Nasdaq composite was 0.6 per cent lower a day after pulling within 0.1 per cent of its record set in 2021.

Treasury yields were also holding relatively steady in the bond market after a report said the US economy likely grew a touch slower at the end of 2023 than earlier estimated. The growth was nevertheless still solid, as the economy continues to defy expectations of a recession despite high interest rates meant to bring down inflation.

Coinbase gained 0.8 per cent to continue its strong run as Bitcoin’s price keeps rallying. New exchange-traded funds that make investing in Bitcoin easier have raised interest in the cryptocurrency, with BlackRock’s iShares Bitcoin fund alone quickly growing to $US7 billion ($10.8 billion) in assets, for example.

That has helped bitcoin’s price top $US61,000 for the first time since 2021. It’s pulling closer to its record of nearly $US69,000 after rising more than 40 per cent this year so far. It was 8.3 per cent higher at $US61,677 at 1.50pm AEDT, according to Bitstamp.

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Apple and Google’s parent company, Alphabet, were among the heaviest weights on the US market. Those stocks are among a small group that has been disproportionately responsible for the S&P 500’s run to records, which is often a concerning signal, according to Scott Wren, senior global market strategist at Wells Fargo Investment Institute. Broad gains among a wide variety of stocks are typically a more favourable sign that strength can continue.

Stocks fell 1.9 per cent in Shanghai and 1.5 per cent in Hong Kong. China’s largest private property developer, Country Garden, said on Wednesday it’s facing a liquidation petition after failing to repay a term loan facility worth 1.6 billion Hong Kong dollars ($US204.5 million).

The move comes after China Evergrande, the world’s most heavily indebted real estate developer, was ordered to undergo liquidation following a failed effort to restructure $US300 billion in late January.

With AP, Bloomberg

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