ASX 200 LIVE: ASX set to fall 1.6pc as S&P 500 dives on renewed market jitters

The Australian sharemarket fell sharply to a six-month low at the open on Friday as uncertainty around interest rates in the US following a stronger-than-expected jobs report sparked a widespread sell-off on Wall Street.

The S&P/ASX 200 index plunged 164.70 points, or 1.9 per cent, to 8388 at 10.10am AEDT – a close at this level would be the lowest since late May.

Wall Street initially started overnight trading up following Nvidia’s strong earnings beat, but then soured as a mixed US September labour force report showed 119,000 jobs created – well above expectations for 50,000 – but the unemployment rate unexpectedly climbed to 4.4 per cent. The S&P 500 dived 1.6 per cent and the technology-heavy Nasdaq ended 2.2 per cent down.

Capital.com senior market analyst Kyle Rodda said that the best explanation for the sell-off is US monetary policy uncertainty. “While the chances of a cut are marginally higher, the markets are still implying a line-ball decision in December. What’s more, there’s also the question of the trajectory for rates going into 2026 and whether the cutting cycle is going to be much shallower than previously thought.”

All 11 ASX sectors were in the red, with materials leading the losses. BHP dived 3 per cent, Fortescue 3.4 per cent and Rio Tinto by 2.9 per cent. Gold retreated overnight as uncertainty deepened around whether the US Federal Reserve would deliver another rate cut this year, according to ANZ. Newmont dived 5.3 per cent, Northern Star 4.2 per cent, and Evolution Mining by 4.7 per cent.

Australian technology stocks followed sharp falls on the Nasdaq as the sector is sensitive to higher interest rates. WiseTech Global fell 2.7 per cent, TechnologyOne by 3.1 per cent and Life360 by 3.2 per cent.

National Australia Bank fell 1.8 per cent, Commonwealth Bank by 2 per cent, ANZ by 2.1 per cent, and Westpac by 2.3 per cent.

Stocks in focus

In company news, Brett Blundy’s fashion jewellery chain Lovisa dived 10.9 per cent as same store sales growth rate moderated from a strong start.

Autosports Group fell 4.3 per cent as the company struck a deal to acquire 10 Barry Bourke Motors dealerships in Victoria for about $34 million, securing a major footprint expansion and deepening relationships with key luxury and premium brands.

Accent Group tumbled 12.9 per cent as the retail group downgraded its earnings expectations from soft trading and heavy discounting, dragging on sales and margins in the first months of the 2026 fiscal year.

Kogan lost 2.5 per cent as the retailer posted adjusted EBITDA of $10.1 million for the first four months of trading in the 2026 financial year, down 31.3 per cent across the period, with the decline driven by its New Zealand arm suffering a loss.

Reece fell 1.1 per cent as the plumbing and bathroom products group suffered an 18 per cent fall in earnings before interest and tax in the September quarter to $129 million.

Webjet was unchanged at 89¢ as BGH Capital upped its takeover bid to 91¢ per share in cash for the shares it does not own. The offer came after Helloworld made a bid of its own earlier in the week for 90¢.