Market Wrap / stock selloff

It was another day of hefty selling for the local market as unceretainty about US rate cuts triggered a global selloff. The S&P/ASX 200 fell 1.6% to 8,416.50 points. Its total November losses so far mean the index is on track for its worst month in over three years. Nine of the eleven sectors finished in the red, led by materials, off the back of risk aversion and growth fears. Heavyweight BHP shed 3.4% along with Fortescue down 5.5%, dragging the sector to a weekly loss of 3.9%.  Wisetech Global surged 2.4%, bouncing back from its recent selloff as 49% of shareholders rejected a remuneration report for executives at the company's AGM.  Westpac led losses among the Big 4 in the face of earning pressure, the bank slid 1.6%. Elsewhere, jewellery chain Lovisa tumbled 13.5% as sales growth missed expectations while the consumer discretionary sector prepares for a black friday lift.  On the smaller end of town, Boom Logistics noted EPS growth of around 15% for the 2026 financial year, seeing the company climb 1.0%, bringing its weekly gains to 6.3%. Tonight, markets prepare for S&P Global PMIs along with consumer confidence data.