Market Wrap / tech tanks

The local market was not able to maintain morning gains and closed lower at the end of Tuesday's trade, as jitters ahead of the US non-farm payrolls report weighed on sentiment. 

The S&P/ASX 200 Index fell 0.42% to 8,598.90 points. 

A selloff of US AI stocks saw the local tech sector follow suit. Life360 fell to a five-month low.

The banks managed to remain relatively stable, on the day Westpac’s consumer confidence index reverted back into pessimistic territory. Both NAB and CBA now expect a rate hike in February 2026. 

In company news, Rio Tinto pared losses with its joint venture beginning a $191 million feasibility study on a new Pilbara iron ore mine. And Southern Cross Electrical was up 2.5%, securing contract awards totalling around $90 million.

Other market winners included DroneShield - rising 22.2% following a $50 million European contract, and the embattled Star Entertainment, which gained 7.3% as its CEO stepped down.

However, the market operator ASX shed a further 2.3% to dall to an eight-year low, with brokers highlighting continued regulatory woes. 

Key US jobs data is released tonight, along with retail sales for October and S&P Global PMIs.