Market Wrap / five-month low

A poor lead-in from Wall Street saw the local market drop to a five-month low during Tuesday's trade. The S&P/ASX 200  shed 1.94% to finish the day at 8,469.10 points. Nine of the 11 sectors finished the day in the red - led by tech which saw staggering losses of 5.82% amid investor nervousness ahead of Nvidia results later this week. Wisetech Global dipped 3.04% along with Xero which fell 3.32%. Technology One shares fell 16.24% as earnings for FY26 came in significantly lower than market expectations, the software provider’s shares plummeted XX%.The materials sector produced some mixed results as BHP and Rio Tinto retreated 3.02% and 2.99% respectively. While elsewhere, PLS advanced 3.17% as global lithium suppliers predict the battery material price could double in 2026. The Big 4 saw red across the board with Westpac taking the spotlight in company of the reporting from the federal enquiry into regional branch closure, the bank slid 3.02%. BlueScope Steel also declined by 1.95% after its earnings forecast landed at the lower end of the guidance range.

And James Hardie shares rose 10.35% on a positive trading update, and after posting a 34% rise in 2Q sales.

Tonight, US data on weekly ADP employment is due along with Home Depot earnings.