Market Wrap / market meltdown

A major selloff tracking Wall Street’s biggest one day decline in a month saw the S&P/ASX 200 dive 1.4% over the day, finishing at 8,634.50 points for the week - its lowest level since mid-July.  Over the course of the week, the index was down 1.5%.10 of the 11 sectors wrapped up the day in the red, led by technology, dropping 4.4%. Software network provider Megaport was slashed by 9.0% along with information tracking company Life360, which shed 6.8%.The correction didn’t stop there, with the Big Four all finishing in the negatives. Although it was Commonwealth Bank making the headlines this week following its 1Q26 update, tumbling back down to April lows in its worst selloff since 2021. Shares dropped a further 2.0% over the day bringing CBA's weekly decline to 10.5%. Elsewhere, the miners recorded losses across the materials sector with heavyweights BHP and Fortescure sliding 1.7% and 1.4% respectively.It wasn’t all negative though as Domino’s Pizza climbed 1.6% following positive sentiment from its AGM presentation. Investors also noted a buying opportunity in Droneshield following fierce selloff earlier this week, seeing the stock lift 3.6%.Overnight, markets turn their attention to the EU trade balance, as well as the US where FOMC members Schmid, Logan, and Bostic are set to speak. Alibaba issues earnings.