The Australian sharemarket slumped 1.8% by midday on Wednesday, with the S&P/ASX 200 Index falling 146.5 points to 7956.7. All 11 sectors were in the red, marking the market’s largest sell-off since August 5. The decline followed a sharp drop in US stocks, where the Dow Jones fell 1.5%, the S&P 500 lost 2.1%, and the Nasdaq dropped 3.3%, driven by a 9% fall in Nvidia shares.

In the week’s first session, the Australian sharemarket is trading flat as major banks and miners counterbalance each other, keeping the S&P/ASX 200 largely unchanged at 8092 points. The late rally in the S&P 500 on Friday, driven by resilient U.S. consumer data suggesting a slower pace of rate cuts, has lifted major Australian banks. Commonwealth Bank, NAB, ANZ, and Westpac are all up around 1%.

The Australian sharemarket declined on Wednesday afternoon, dragged lower by a sell-off in commodity stocks amidst a busy day of corporate results. The S&P/ASX 200 Index fell 29.6 points, or 0.4%, to 8044.4 by mid afternoon, with energy, materials, and communication services sectors weighing on the market.

The S&P/ASX 200 traded cautiously midday Tuesday, down 4.2 points to 8080.3, as investors weighed mixed Wall Street cues and profit results from major Australian companies against rising Middle East tensions. The index, less than 60 points from its peak of 8148.7 earlier this month, saw seven of its 11 sectors decline, led by tech, while energy outperformed.

Australian shares are on track to close higher in the first session of the week, buoyed by comments from US Federal Reserve Chairman indicating that long-awaited interest rate cuts are imminent. The S&P/ASX 200 has gained 54 points, or 0.7%, reaching 8078 points, now just 100 points shy of the record high set earlier this month.

Australian shares are poised to end a 10-day winning streak, down 0.3% to 8003 points by midday, reflecting a negative Wall Street session where the Nasdaq dropped 1.7%. Investors are closely analyzing ASX earnings for market direction cues.

Shares added 0.3 percent by lunchtime, on track for a tenth consecutive session of gains—the longest streak since 2015—amid a wave of earnings reports from corporate Australia. The rise mirrors gains on Wall Street, where revised US jobs data suggested a cooling labor market, raising expectations that the Federal Reserve may cut rates next month.

Australian shares edged out a small gain as the S&P/ASX 200 gained 0.1%, or 2 points, to 7999.3.  The flat market followed a weaker session on Wall Street, with seven out of 11 sectors in the red, led by energy and banks.

Australian shares have risen close to the 8000-point mark as the earlier sell-off this month continues to unwind, driven by gains in US markets overnight. The S&P/ASX 200 is up 17 points, or 0.2%, at 7997.5, briefly surpassing 8000 points for the first time since the early-month drop. Mining stocks led the charge, buoyed by a rebound in iron ore prices to nearly $US95 per tonne.

Trading on the Australian sharemarket was subdued as investors digested a series of profit results released on Monday. The S&P/ASX 200 Index inched up 0.2 percent, recovering from earlier losses, driven by a rally in the utilities sector, led by Origin’s 2.7 percent gain. Conversely, the consumer staples sector underperformed, declining 1.2 percent.