Eight of the eleven ASX sectors were in the red, with mining stocks leading the decline after commodity prices softened; BHP fell 0.6%, Fortescue 0.8% and Rio Tinto 0.5%.
Gold miners also lost ground despite bullion holding steady around US$4,375 an ounce, as traders weighed the risk of persistent inflation and the Federal Reserve’s first rate hike since 2023.
Financial institutions slipped as well, with Commonwealth Bank down 0.5%, National Australia Bank 0.2%, Westpac 0.7% and ANZ 0.1%.
Energy stocks were mixed. Oil prices rose after a weekend dip, with Brent edging toward US$105 a barrel and WTI near US$101, as market participants monitored supply‑risk alerts from Saudi Arabia and heightened diplomatic activity over the US‑Iran conflict.
Technology shares retreated, led by WiseTech and Xero, each down about 1.5%, while other tech names such as Technology One and NEXTDC fell roughly 0.4%.
In a separate development, the Australian Securities and Investments Commission announced it is suing former Super Retail Group chief Anthony Heraghty, alleging breaches of director duties and misleading the board and market about his relationship with the company’s former head of human resources.
Across the Pacific, Wall Street closed mixed, with the S&P 500 up 0.2% and the Dow down 0.2% as the 10‑year U.S. Treasury yield nudged above 5%, the first time it has crossed that threshold since 2023, reinforcing pressure on equity valuations.