ASX 200 drops 0.67% as materials and tech lead market decline

Australian shares pulled back on Friday, 13 November 2026, as global headwinds and commodity shifts weighed heavily on domestic investor sentiment, according to Marketindex. The benchmark S&P/ASX 200 Index slid during a risk-off session, following a previous session where the index edged lower to 9,146.8 points, according to The Motley Fool Australia. Meanwhile, Fxempire noted a broader international retreat, citing regional drops across Asian benchmarks including Japan, South Korea, and Hong Kong alongside the domestic market.

Materials and technology sectors bore the brunt of the local sell-off. Marketindex reported that materials fell following a broad overnight commodities retreat driven by a stronger US dollar and higher bond yields, while technology shares also dropped. Small caps suffered alongside the broader market, with the Small Ords extending a multi-day skid. Defensive sectors offered some shelter, with utilities and energy both rising after overnight increases in oil prices, while staples crept upward as the market turned defensive.

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Global markets faced severe disruption originating from Wall Street, where technology stocks tumbled after the departure of Nvidia chief executive Jensen Huang, as detailed by Marketindex and Fxempire. The executive shakeup dragged Nvidia shares down significantly at the open and pushed its market capitalization below US$4 trillion. At least seven Wall Street firms subsequently downgraded the chip giant, placing upcoming third-quarter earnings reports and financial commitments under intense scrutiny.

Energy markets rallied concurrently. Marketindex and The Motley Fool Australia reported that crude oil surged after United States President Donald Trump dismissed the need for a diplomatic deal with Iran, dimming hopes for a peaceful resolution and coinciding with tanker explosions in the Strait of Hormuz. Precious metals faced heavy selling pressure alongside the commodities correction, with gold dropping sharply amid mounting inflation and interest rate hike concerns.

Corporate updates added to the cautious domestic backdrop. Marketindex noted that Capstone Copper lowered the bottom of its production guidance following a delayed restart at its Pinto Valley mine, while Accent Group reported that its like-for-like sales decline had more than doubled due to elevated fuel costs, interest rate pressures, and dwindling consumer confidence. Accent Group pointed directly to trading conditions, stating Trading conditions have deteriorated since late August, in particular in the lead up and since the November interest rate rise, resulting in lower LFL sales which have been below expectations according to Marketindex. In contrast, fund manager GQG Partners faced severe broker downgrades from Morgans after posting heavy net outflows and negative investment performance, as highlighted by The Motley Fool Australia.

Additional corporate developments included Storage King reporting group occupancy near the bottom of its comfort range amid competitive new supply, while Mach7 secured a new customer contract with Temple Health. Lendlease announced plans to redeem outstanding bonds using a committed standby facility. Meanwhile, Warburg Pincus revised its proposal for Ingenia to seek non-exclusive access, opening the door to a competitive sale process.

Market watchers will be closely monitoring upcoming corporate earnings reports, ongoing developments in the Middle East following the Strait of Hormuz incidents, and further signals from the US Federal Reserve regarding interest rates and inflation data.