The ASX 200 was holding broadly flat at lunchtime, with a rally across the major banks helping to offset losses in mining and technology stocks.

The benchmark index was up less than 0.1 per cent, even though eight of its 11 sectors were trading lower.

The moves follow a hawkish speech from new Federal Reserve Chairman Kevin Warsh, which pushed up US bond yields and reignited expectations of a September rate hike. Higher US yields tend to weigh on growth-oriented technology stocks by lifting discount rates on future earnings, while gold, which pays no interest, becomes less attractive when rates rise — dynamics visible across both sectors on the local market today.

Gold also took a hit, falling more than 3 per cent and 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 that deputy CEO Ryan Gurner will leave after 11 years.

Technology stocks were also under pressure, with Xero down 1.7 per cent, WiseTech Global down 1.6 per cent and NextDC down 2.2 per cent.

The banks, however, provided support. CBA gained 1.7 per cent, ANZ rose 1.9 per cent, while NAB and Westpac both climbed 2.1 per cent. Banks and other interest-rate-sensitive sectors such as consumer staples have historically been seen as beneficiaries when rate expectations shift, and Coles and Woolworths also moved higher today, 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. The result marks a notable turnaround for the Kathleen Valley lithium producer, which has previously operated at a loss amid the battery-material price downturn.

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. West Erregulla is one of the larger conventional gas discoveries in Western Australia's Perth Basin in recent years.

Monash IVF gained 3.7 per cent despite a 41 per cent fall in full-year net profit to $16.1 million.

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. The casino operator has been operating under regulatory scrutiny following earlier inquiries into its Sydney and Queensland operations.

Endeavour edged higher after CEO Jayne Hrdlicka bought almost $1 million worth of shares last week. Insider buying by senior executives is often watched closely by investors as a signal of management confidence.