The S&P/ASX 200 fell more than 1% to around 8,950 in Friday morning trade, ending a two-session winning streak as it tracked overnight losses on Wall Street. Sentiment was hit by renewed worries over the impact of artificial intelligence, with sectors seen as vulnerable to AI-driven disruption coming under pressure as new tools threaten to replicate parts of their business models or compress profit margins.
Local technology shares led the decline, dropping 5% to a two-year low. Software group Wisetech Global slumped nearly 14%, its weakest level since July 2022. Financials also weighed on the market, slipping 0.7%, with major lenders Commonwealth Bank and NAB each losing more than 1%. Westpac, the country’s third-largest bank, shed 0.6% despite posting first-quarter 2026 profits that beat expectations.
Resource stocks added further drag amid softer commodity prices. Mining giant BHP declined 1.7%, while gold producers Newmont, Northern Star, and Evolution Mining fell between 3% and 4%.
