The S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) is trading slightly lower today as investors once again turn their attention to the outlook for interest rates domestically and abroad.

The telecommunications and industrials sectors are leading the market lower, with the strongest gains coming from the information technology and energy sectors.

Four shares that have underperformed the broader market today, include:

Sydney Airport Holdings Ltd (ASX: SYD)

Shares of Sydney Airport have fallen by around 2.0% today to $6.76 after strong manufacturing data in the US overnight suggested there was further reason for a rate hike in December. Investors have piled into stocks like Sydney Airport for their reliable dividends over the past few years but this strategy is likely to come under pressure when, or if, the US starts to increase interest rates. Nevertheless, Sydney Airport’s operational performance has been outstanding and remains well placed to benefit from Australia’s tourism boom.

TPG Telecom Ltd (ASX: TPM)

Shares of TPG are still out of favour with investors and have fallen another 2.5% today to $8.29. The shares have now shed close to 30% of their value since the company disappointed the market with weaker than expected guidance for FY17. Investors are also clearly concerned about the growth prospects of the entire telecommunications sector with Telstra Corporation Ltd (ASX: TLS) and Vocus Communications Limited (ASX: VOC) also suffering hefty falls over the past couple of months.

Northern Star Resources Ltd (ASX: NST)

Northern Star is amongst a number of gold producers declining today thanks to a fall in the spot gold price overnight. the company;s share price was down 3.2% at $4.48 heading into the close.

The prospect of higher US interest rates is weighing on the precious metal and is now fetching US$1,311 per ounce. The Australian gold sector has enjoyed a number of tailwinds over the past two years and it is likely some investors are also taking profits today with the outlook for the gold sector becoming less attractive.

Bellamy’s Australia Ltd (ASX: BAL)

Shares of Bellamy’s have fallen 1.6% today to $12.81, despite the absence of any news from the company. Although the company recorded a massive surge in FY16 earnings, it appears sections of the market are still questioning Bellamy’s ability to meet market expectations. Interestingly, the infant formula maker is now the fifth most shorted stock on the ASX, with nearly 11.5% of its total issued shares currently short sold.

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Motley Fool contributor Christopher Georges owns shares of TPG Telecom Limited and Vocus Communications Limited. The Motley Fool Australia owns shares of Bellamy's Australia. 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.