The market’s six-day rally came to an abrupt halt today, despite the fact the Reserve Bank of Australia cut interest rates to a record low of 1.5%. The market did rebound initially, but quickly lost ground again after the decision was made.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) down 0.8% to 5540 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) down 0.8% to 5622 points
  • AUD/USD at US 75.29 cents
  • Iron Ore at US$62.27 a tonne, according to the Metal Bulletin
  • Gold at US$1,349.53 an ounce
  • Brent oil at US$42.22 a barrel

Credit Corp Group Limited (ASX: CCP) and OzForex Group Ltd (ASX: OFX) were among the biggest movers today, lifting 13.1% and 2.5% respectively.

Seven West Media Ltd (ASX: SWM) and Nine Entertainment Co Holdings Ltd (ASX: NEC) were also big movers, but in the opposite direction. The pair fell 18.4% and 14.3%.

As expected, oil producers were also hit hard after oil fell into a bear market. Santos Ltd (ASX: STO) dropped 5.8%.

BHP Billiton Limited (ASX: BHP) also fell 2.2% despite a strong lift in the iron ore price, with Rio Tinto Limited (ASX: RIO) down 0.6%.

Crown Resorts Ltd (ASX: CWN) ended the day 0.2% higher, although could be hit on Wednesday. The company announced that there has been a legal challenge to its Crown Sydney Hotel Resort development at Barangaroo South.

Westpac Banking Corp (ASX: WBC) and Commonwealth Bank of Australia (ASX: CBA) also lost 0.9% and 0.5% respectively, despite the RBA cutting interest rates.

Here are Tuesday’s top stories:

  1. RBA cuts interest rates to 1.5%: What you need to know
  2. Credit Corp Group Limited rockets on double-digit profit growth forecast
  3. Oil prices are now in a bear market: Time to sell your oil shares?
  4. 3 of my favourite tech small caps to buy today
  5. 3 growth stocks I’d buy today with $10,000
  6. Where to from here for the Commonwealth Bank share price?
  7. 6 of the best ASX companies Warren Buffett might buy

3 Rotten Shares to Sell, and 1 to Buy Today

After a double-digit rally for the ASX since 2016 lows, investors should be on high alert. You'll find a full rundown below of 3 shares we think you should avoid today plus one top pick worth buying, even if the market turns south and the RBA keeps rates at an "emergency low." Simply click here to uncover these stocks.

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Motley Fool contributor Ryan Newman has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.