All sectors were down with real estate and materials having the largest drawbacks, declining 3.0 and 2.4 per cent respectively.
Gambling company Wynn Resorts experienced the largest gains, up 2.6 per cent. The company's share price has increased over 14.0 per cent since the start of September.
Valero Energy Corp was also in the green with a 2.2 per cent jump in the share price.
Reversing on Monday's 9.7 per cent drop where money flowed out of names benefitting from the pandemic, Moderna clawed back some gains, up 1.4 per cent at the time of writing.
Ford Motor Company was the major laggard of the day, falling 12.3 per cent to US$13.10 a share. This followed the company stating that inflation-related costs will be US$1 billion (NZ$1.7b) greater than expected in the current quarter.
Information management services company Iron Mountain Inc also lost ground with a 9.6 per cent decline. Iron Mountain released its Project Matterhorn growth targets which showed a compounded annual growth rate of approximately 10.0 per cent.
Manufacturing company Generac Holdings rounds out the key laggards, down 6.7 per cent. This brings Generac over 47.0 per cent down year to date.
The US Federal Reserve is meeting over 20 -21 September to decide on how much to increase the Federal Reserve Rate by.
In 2022, the US Federal Reserve has already increased the reserve rate by 225 basis points, with a 75 basis point hike more than priced in for Thursday's announcement.
Rest of the World
Following in the US footsteps, all major European indices were also in the red.
The FTSE 100 drew back 0.6 per cent, the DAX fell 1.0 per cent and the CAC declined 1.4 per cent.
Conversely, all major Asian markets closed in the green. The best performance came from the Hang Seng, up 1.2 per cent. This was followed by the Nikkei, up 0.4 per cent and the Shanghai Composite with a gain of 0.2 per cent.
Commodities
WTI Crude Oil reversed Monday's performance, down 1.3 per cent to US$84.48 a barrel.
Natural Gas declined 0.4 per cent to US$7.71 a cubic foot. This represents a 20.0 per cent drop from this year's high of US$9.68 in late August.
Gold crept downwards 0.3 per cent to US$1672.80 an ounce.
Bitcoin and Ethereum continued to decline, down 2.9 and 1.4 per cent respectively. Bitcoin is down more than 70.0 per cent from its all-time high.
The US 10-Year Treasury rate continued to increase with a further seven basis point jump to 3.557 per cent.
New Zealand
The NZX 50 gained 0.3 per cent to 11,570.43 points yesterday.
KMD Brands (formerly Kathmandu Holdings) was the top performer, up 3.0 per cent. The outdoor, lifestyle and sports gear company reported record sales of $979.8 million for fiscal year 2022.
The firm's net profit of $36.8 million was 40 per cent lower than the previous year. Underlying earnings before interest, tax, depreciation and amortisation was $92.0 million (-16 per cent). KMD attributed this slide to Covid-19 supply chain disruption and lockdowns on both sides of the Tasman.
Dairy business The a2 Milk Company and telecommunications firm Spark New Zealand improved 2.8 and 2.7 per cent, respectively.
The Warehouse Group ranked among yesterday's laggards, slipping 3.7 per cent. While Sky Network Television and Stride Property fell 3.1 and 2.8 per cent to round out the underperforming stocks.
In other news, Contact Energy's monthly operating report for August 2022 revealed increased electricity demand (+2.3 per cent) compared to August 2021.
As of 11 September, controlled storage was 173 per cent and 133 per cent of the mean for the South Island and North Island.
Australia
The ASX 200 closed 1.3 per cent higher last night, increasing to 6,806.40.
Sectors followed this positive performance with nine of 11 increasing, led by materials (+2.7 per cent), energy (+2.0 per cent) and utilities (+1.3 per cent). Australian real estate investment trusts (-0.5 per cent) and healthcare (-0.1 per cent) were the only declining sectors.
New Hope Corporation closed with the highest gain, up 8.8 per cent. The company released their 2022 full year financial results, high coal prices boosted profits by 1146 per cent despite a 12 per cent drop in sale volume.
New Hope will be paying a combined 56 cents worth of final and special dividends, to see shareholder returns increase 147 per cent.
Brickworks climbed 5.8 per cent with the company set to release its 2022 full year results today.
AMP limited fell 2.1 per cent on the back of receiving a A$14.5 million penalty for charging fees without service. The fine fell short of the A$17.5 million sought by the corporate regulator but was still well above expectations.
Treasurer Jim Chalmers says an improvement of almost A$50 billion is expected from the 2022 budget deficit.
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