The NZX 50 fell 43 points, or 0.3%, to 13,562 in morning trade on Wednesday, extending losses from the previous session, weighed down by declines in the tech, consumer staples, and utilities sectors. Gains in industrials, consumer discretionary, and materials capped the overall decline. Weakness in tech stocks, following an overnight decline in Wall Street’s Nasdaq, particularly among AI-linked shares, saw the sector fall 0.9%. However, progress in the US Senate toward averting a government shutdown and hopes of US interest rate cuts at the upcoming meeting limited the losses. Domestically, expectations that the RBNZ will ease monetary policy this month, with markets anticipating a 25 bps rate cut, also helped prevent a steeper decline in the broader index. Among early losers were Fisher & Paykel (-1.2%), Seeka (-1.1%), Infratil (-0.7%), and A2 Milk (-0.7%). Meanwhile, Mainfreight surged 4.3% despite posting an 18.5% yoy drop in net profit for the six months ended September.