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A drop in tech stocks dragged Wall Street overnight. The ASX is expected to follow the downward trend, stooping for a third consecutive session.

The NASDAQ plunged almost 1.5 per cent, or more than 170 points, to 14,104.9.

The technology sector fell more than 1.5 per cent, along with communication services, down 1.9 per cent.  

Microsoft fell 3 per cent. Tech giant Apple lost nearly 1 per cent.

Meanwhile, the Bank of Canada has hiked interest rates to a 22-year high. The rate now sits at 4.75 per cent, with analysts forecasting another increase next month.

Back on home soil, Australians are still processing yesterday’s March quarter gross domestic product (GDP) figures. Some economists are now warning of the possibility of a recession within the next year. It’s been suggested the RBA won’t stop lifting rates until the cash rate hits 4.85 per cent.

However, RBA governor Philip Lowe reassured Australians, saying we shouldn’t fall into “a state of despair” because the labour market is still strong.

The Aussie dollar dipped. One Australian dollar is buying 67 US cents and 53 British pence.

Iron Ore made small gains, to US$109 per tonne. The price has risen 5.31 per cent since Monday.

Oil prices continued to rise on the back of Saudi Arabia’s claim it would make a cut of a million barrels of oil per day from next month.

Other members of OPEC have agreed to follow suit, in a bid to shore up flagging prices. Crude oil is sitting at US$72.46 per barrel.

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