ASX 200 holds steady as investors brace for a big afternoon

Investors are preparing for a key decision today.

The S&P/ASX 200 Index (ASX: XJO) is little changed on Tuesday.

After climbing as high as 8,697 points shortly after the open, the benchmark has since slipped back.

The ASX 200 is currently up just 0.04% at around 8,682 points, leaving it pretty much where it started the day.

It's also a mixed session across the market, with 87 shares higher, 101 lower and 12 unchanged.

There are some big moves among individual shares, but investors also have one eye on this afternoon's interest rate decision.

That could make things a lot more interesting later today.

So, let's take a look at what's happening.

ASX board.

Image Source: Getty Images

Tech shares steal the show

The S&P/ASX 200 Information Technology Index (ASX: XIJ) is one of the strongest areas of the market today, up 2.41%.

Megaport Ltd (ASX: MP1) shares are 12% higher after announcing three new AI infrastructure contracts worth a combined $978.6 million.

The company also upgraded its FY27 revenue guidance to between $720 million and $810 million.

Codan Ltd (ASX: CDA) shares have also jumped around 18% to $60.84 after upgrading its earnings guidance.

Elsewhere, South32 Ltd (ASX: S32) shares are up 3.18% to $5.04, while QBE Insurance Group Ltd (ASX: QBE) has climbed 1.43% to $23.44.

However, those gains are being offset by weakness elsewhere in the market.

Banks weigh on the market

The major banks aren't offering much support today, with all four trading lower.

Commonwealth Bank of Australia (ASX: CBA) shares are down 0.67% to $151.45, and National Australia Bank Ltd (ASX: NAB) has slipped 0.61% to $41.70.

Westpac Banking Corp (ASX: WBC) shares are down 0.50% to $38.15, with ANZ Group Holdings Ltd (ASX: ANZ) having fallen 0.62% to $37.04.

Wall Street falls overnight

Our share market also received a weak lead from Wall Street overnight.

The Dow Jones Industrial Average (DJX: .DJI) fell 0.67%, while the S&P 500 (SP: .INX) dropped 0.77%.

The Nasdaq Composite (NASDAQ: .IXIC) fell the most, down 0.92%.

US Treasury yields also moved higher, with the 10-year yield climbing above 5.2%.

All eyes on the RBA

The big event is still to come, with the RBA set to announce its latest interest rate decision at 2:30pm AEST.

The cash rate currently stands at 4.35% after three increases in 2026, with another rise widely expected today.

Investors also received new household spending figures this morning.

Spending was flat in August after climbing 1.1% in July, while annual growth remained at 6.8%.

The RBA decision, and what Governor Michele Bullock says afterwards, could have a much bigger say in where the market finishes today.

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Megaport. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on ASX Share Market News

Four miners discussing with each other next to mining machinery.
Broker Notes

This ASX iron ore junior could rise more than 33% UBS says

This company's high grade product is in demand, the broker argues.

Read more »

Sell written several times on board.
Broker Notes

Sell alert! Why this expert is calling time on Life360 and Xero shares

A leading expert forecasts more losses ahead for Xero and Life360 shares.

Read more »

An oil worker in front of a pumpjack using a tablet.
Broker Notes

2 ASX energy companies Macquarie says will outperform

There's still some value in the volatile energy sector, the broker says.

Read more »

Happy businessman fist pumping while looking at a tablet.
Broker Notes

Experts name 3 popular ASX 200 shares to buy this week

These shares have been given the thumbs up by experts this week.

Read more »

Frustrated man looking exhausted while sitting at his desk with his laptop and carrying his glasses in his hand.
Broker Notes

3 ASX shares to sell now according to experts

These shares have been given sell ratings this week. Let's find out why.

Read more »

Red buy button on an Apple keyboard with a finger on it.
Broker Notes

Expert names Woodside and BHP shares as top buys today

A leading expert forecasts more outperformance from BHP and Woodside shares.

Read more »

Man looking at his laptop and pondering data.
ASX Share Market News

5 things to watch on the ASX 200 on Tuesday

It is a big day for Aussie investors with the RBA meeting taking place today.

Read more »

A woman in a red dress holding up a red graph.
Broker Notes

3 ASX shares tipped to return 38% to 60%

Looking for companies primed to grow? Try these on for size.

Read more »