AU Evening Wrap: Australian stock market dips to two-week low with 1.3% drop

The Australian $S&P/ASX 200(.XJO.AU)$ index concluded the trading session 1.3% lower at 7861.2, marking a significant decline in response to the downturn in U.S. stock markets. The day's trading resulted in losses across all 11 sectors, leading to the most substantial single-day drop the index has experienced since June 11. Following a recent peak, the ASX 200 has now reached its lowest closing point in the past fortnight.

Major players in the iron ore industry, $BHP Group Ltd(BHP.AU)$ and $Rio Tinto Ltd(RIO.AU)$, saw their shares diminish by 0.9% and 1.4% respectively. Meanwhile, $Rio Tinto Ltd(RIO.AU)$ witnessed a sharp 5.5% fall subsequent to their announcement of stagnant annual shipment figures.

The financial sector, while faring slightly better than others, still closed in the negative territory, retreating by 0.8%. The decline was partly due to the performance of the major banks. Notably, shares of the investment firm $Macquarie Group Ltd(MQG.AU)$ dropped by 3.4% as their first-quarter financial update fell short of investor expectations, contributing to the day's bearish sentiment.

$Newmont Corp(NEM.AU)$ outperformed analysts' earnings expectations for the second quarter, bolstered by vigorous gold production levels and appreciable market prices.