July 26 (Reuters) - Australian shares edged higher on Tuesday, as strong commodity prices boosted mining and energy stocks, while investors braced for a likely 75-basis-point rate hike by the U.S Federal Reserve this week.

The S&P/ASX 200 index had risen 0.14% by 0021 GMT after closing little changed in the previous session.

Iron ore prices rose on Monday as hopes grew of a third-quarter economic rebound in top steel producer China, while oil prices jumped on supply fears and a dip in the U.S. dollar.

Miners jumped 1.4% to lead gains on the benchmark, with iron ore behemoths BHP Group and Rio Tinto rising more than 1% each.

Energy stocks climbed 1.4%, with oil and gas majors Woodside Energy and Santos adding 1.1% and 2%, respectively.

Financials advanced 0.31%, with three of the "big four" banks trading in positive territory.

Technology stocks dropped 0.92%, tracking losses in their Wall Streets peers as investors fretted that aggressive rate hikes could tip the U.S. economy into recession.

ASX-listed shares of Block Inc slipped 3.1%, while software company Iress skidded 6.4% and was the top loser on the sub-index.

Gold stocks fell 1.4% on weak bullion prices, with Newcrest Mining, the country's largest miner, declining 2.9%.

Among individual stocks, Woolworths Group dropped 1.5% as the country's largest supermarket chain operator said its chairman would retire in October after seven years in the role.

New Zealand's benchmark S&P/NZX 50 index rose 0.04% to 11,203.59. (Reporting by Navya Mittal in Bengaluru; Editing by Subhranshu Sahu)