Market Wrap / back in the red

The Australian market lost ground during Wednesday's session after hitting fresh records Tuesday, as a rise in US inflation and worries on tariffs caught up with investors.The S&P/ASX 200 fell 0.8% to 8561.80 points with nine out of the 11 sectors in the red. The materials sector fell 1.2%, following a sharp drop in Chinese steel output. Rio Tinto slipped 0.2% after posting a lower-than-expected rise in iron ore shipments for the second quarter; however it forecast FY25 copper production at the higher end of its guidance range.However, rare earths miners gained following a US$500 million deal between US’s MP Materials and Apple to boost iPhone production. Iluka Resources climbed 4.3%. And gold miner Evolution Mining jumped 2.3% after its June quarterly report highlighted record cash flow driven by delivery to original guidance and high metal prices.Healthcare stocks were hit as US President Trump said he'll likely impose tariffs on the pharma sector by the end of the month. CSL dropped 1.3%.  Ahead tomorrow, we get the labour force numbers locally, key numbers guiding RBA’s monetary policy outlook.