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The ASX 200 is holding broadly flat at lunchtime, with a rally across the major banks helping offset losses in mining and technology stocks.
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The benchmark is up less than 0.1 per cent, despite eight of the 11 sectors trading lower.
The moves come after a hawkish speech from new Federal Reserve chairman Kevin Warsh pushed up US bond yields and reignited expectations of a September rate hike.
Gold also took a hit, falling more than 3 per cent, putting pressure on local gold miners.
Genesis Minerals fell 4.1 per cent, Greatland Resources dropped more than 5 per cent, while Northern Star Resources was down 4.6 per cent after announcing deputy CEO Ryan Gurner will leave after 11 years.
Technology stocks were also under pressure, with Xero down 1.7 per cent, WiseTech Global 1.6 per cent and NextDC 2.2 per cent. But the banks provided some much-needed support.
CBA gained 1.7 per cent, ANZ 1.9 per cent, while NAB and Westpac both climbed 2.1 per cent. Coles and Woolworths also moved higher, gaining 1.2 and 1.8 per cent respectively.
Liontown was one of the stronger performers, jumping 5 per cent after reporting a $93 million net profit for FY26 as lithium prices recovered in the second half.
Strike Energy surged 9.5 per cent after reaching a deal with Hancock Energy that clears a path towards developing the West Erregulla gas field in WA.
Monash IVF gained 3.7 per cent despite a 41 per cent fall in full-year net profit to $16.1 million.
Meanwhile, Star Entertainment dropped 2.3 per cent after reporting a $307 million full-year loss, as it faces the prospect of a significant NSW gaming regulator fine next month.
And Endeavour edged higher after CEO Jayne Hrdlicka bought almost $1 million worth of shares last week.
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