The NZX 50 fell 33 points, or 0.3%, to close at 13,393 on Wednesday, erasing gains from the previous session, as traders remained cautious ahead of New Zealand’s Q1 GDP data and the Fed’s monetary policy decision. Fresh data also pressured sentiment, as New Zealand’s consumer confidence fell to its lowest level since 2023 in Q2, weighed by rising fuel and other living costs, while the Q1 current account gap widened from the same period a year earlier. The broader index declined from its highest level since March 6, reached a day earlier, tracking a fall in Wall Street’s Nasdaq and S&P 500 indexes overnight amid a pullback in AI-related stocks. Technology stocks, materials, utilities, financials, and communication services mainly weighed on the index, with notable losses from Delegat Group (-2.6%), Hallenstein Glasson (-2.5%), and Mainfreight (-2.0%), while Ebos Group, Infratil, and Summerset Group each fell 1.3%, and ANZ Group declined 0.9%.

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