Market Wrap / banks tank

The S&P/ASX 200 retreated from record highs during Wednesday's trade as CBA weighed negatively on the index. The local market was down 0.6% to 8827.10 points by close.Commonwealth Bank's full year cash profit hit a record $10.25 billion dollars - up 4% on last financial year. But with the stock at record highs, and following an interest rate cut, the share price dropped 5.4%, along with other major banks in the red. Elsewhere, IAG said it was expecting moderating insurance profit in FY26, but flagged potential upside from acquisitions. Shares slipped 0.1%. AGL Energy swung to an annual loss amid lower wholesale power prices and narrower margins amid intensifying competition. The stock lost 13.1% during the session. And Evolution Mining reported a record profit of $926 million in FY25, more than doubling results from the previous year. It topped other large miners and sprung 3.9%. More broadly, mining stocks gained on higher iron ore prices, driven by expectations of additional steel production cuts in China.Tomorrow, July Labour force data is expected, along with a new batch of ASX companies reporting, including Pro Medicus, the ASX, Suncorp and Temple & Webster.