At lunch on Wednesday the S&P/ASX 200 index has given back its morning gains and is trading 0.1% lower at 6,687.8 points.
Here's what has been happening on the market today:
Bank shares drop lower.
The big four banks look to have run out of steam on Wednesday after a positive run in recent days. All four banks are trading lower at lunch, with both the National Australia Bank Ltd (ASX: NAB) share price and the Westpac Banking Corp (ASX: WBC) share price leading the way with declines of 0.6%.
Oil producers sink lower.
Oil producers including Oil Search Limited (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) have tumbled lower today after oil prices crashed lower overnight. Both Brent and WTI crude oil sank lower after Saudi Arabia revealed that its oil production would return to normal by the end of the month following drone attacks at the weekend.
Tech shares rise.
The market may be in the red, but the tech sector is booming on Wednesday after a positive night of trade on the technology-focused Nasdaq index. Solid gains by the likes of Appen Ltd (ASX: APX) and WiseTech Global Ltd (ASX: WTC) have helped drive the S&P/ASX 200 Info Tech index a sizeable 1.8% higher today. Investors appear optimistic that the U.S. Federal Reserve will slash interest rates at tonight's meeting. This would potentially be supportive to their valuations.
Best and worst performers.
The best performer on the S&P/ASX 200 index on Wednesday has been the Pro Medicus Limited (ASX: PME) share price with a 6.5% gain. Positive investor sentiment in the tech sector has given the healthcare technology company's shares a major boost today. The worst performer on the index has been the Woodside Petroleum share price after the sharp decline in oil prices. Its shares are down 3% at lunch.
