NZX 50 Tumbles from Record High Amid Profit-Taking and Inflation Fears

New Zealand's NZX 50 stock index retreated from its record high on Thursday morning as traders took profits after three consecutive records.

The index dropped by 39 points, or 0.3%, to 13,937, following a decline on Wall Street overnight after the Federal Reserve held interest rates steady.

Rising oil prices and concerns about inflation also put pressure on sentiment, amid expectations of potential interest rate hikes in the future.

The broader index tracked the decline on Wall Street, where tech earnings are set to be released soon, while a selloff in chipmakers persisted ahead of major tech earnings announcements.