Market Wrap / still too hot?

The S&P/ASX 200 seesawed but finished Wednesday’s session 0.24% higher at 8,808 points. The market moved higher after a softer-than-expected May CPI read, while the Australian dollar slipped. Inflation fell month-on-month by 0.7%, but the annual trimmed mean remained at 3.6%, above the RBA’s target band. Sector-wise, there was a clear reversal from recent moves. Tech was firmly in the green, led by WiseTech as bargain hunters moves in after two sessions of losses. It did the best on the ASX 200 up 14.2%.  Energy stocks went the other way as more tankers moved through the Strait of Hormuz. Meanwhile bullion prices fell on rising bets of a Fed hike. Evolution Mining was among the stocks to lose ground, down 2.3%. In corporate news, IFM Investors pushed through its takeover plans for Atlas Arteria, securing more than 50% of the toll operator despite an earlier rejection. And Baby Bunting tumbled 10.6% on a dour outlook for baby products, and as higher rates continued to weigh on consumers. Tech will be back in focus overnight, with Micron Technology due to report results in what is being watched as a test for the AI trade.