Market Wrap / eight and counting...

It was the eight consecutive day of losses for the S&P/ASX 200, its longest losing run in eight years. The local index fell 0.24% to 8,665.80 points on Thursday.

Consumer staples were the worst-performing sector, as Woolworths cut its full-year guidance, pointing to higher fuel costs tied to the Middle East conflict.

Oil prices surged amid fading hopes of a reopening of the Strait of Hormuz, adding to pressure on global equities and weighing on materials.

Gold miners continued to decline, with Evolution Mining dropping 3.1%.

Elsewhere, Boss Energy hit a four-month low after cutting its 2026 uranium outlook. Meanwhile South32 fell on rising costs and delays at its Taylor project.

Mineral Resources bucked the trend, climbing to near a two-year high following an upgraded annual outlook.

Tech stocks moved higher, up 0.6% for the sector, as earnings from major US tech names showed the AI thematic remained front of mind.

Tomorrow, quarterly updates are due from Coles, Liontown Resources and ResMed.