The S&P/ASX 200 Index fell by 1.03 percent at around 11:30am from a record high as the resources, energy, and tech sectors drove the market lower. This decline came in response to reduced expectations of imminent US rate cuts after Federal Reserve Chairman Jerome Powell expressed doubts about a March rate cut, leading to a 13-basis point drop in the yield on 10-year US treasuries and declines in oil prices, the Australian dollar, and a 2.1 percent drop in the Nasdaq Composite.
The SPI futures are pointing to a fall of 72 points.
Best and worst performers
All sectors are in the red. The sector with the fewest losses is Consumer Staples, down 0.45 per cent. The worst-performing sector is Information Technology, down 1.71 per cent.
The best-performing large cap is QBE Insurance Group (ASX:QBE), trading 1.77 per cent higher at $16.13. It is followed by shares in Endeavour Group (ASX:EDV) and Qantas Airways (ASX:QAN).
The worst-performing large cap is Meridian Energy (ASX:MEZ), trading 3.77 per cent lower at $5.10. It is followed by shares in SEEK (ASX:SEK) and Mineral Resources (ASX:MIN).
Commodities and the dollar
Gold is trading at US$2056.90 an ounce.
Iron ore is 2.2 per cent lower at US$131.80 a tonne.
Iron ore futures are pointing to a 0.3 per cent fall.
One Australian dollar is buying 65.65 US cents.