The big four banks also weighed in, alongside BHP, Macquarie Group, Woodside and Fortescue Metals, which delivered its annual results to the market.
Lake Resources led percentage declines, falling 10.1 percent. Chalice Mining and Coronado Global Resource fell by the same margin, while Pinnacle fell 9.4 percent and City Chic declined 9.6 percent, bringing its five-day retreat to almost 30 percent.
Just four ASX 200 stocks rose on the day: A2 Milk, APA Group, Adbri and Atlas Arteria.
Interest rate-sensitive technology stocks suffered, following a near-4 percent Nasdaq at the weekend. The vast majority of stocks in the S&P/ASX All Technology Index fell, index heavyweights WiseTech Global, Xero and NextDC declining more than 4.8 per cent. Megaport fell 9.13 percent, BrainChip declined 6.4 percent and Novonix gave back 6.3 percent.
Treasuries sold off in Asia. The yield on the Australian five-year bond climbed more than 4.6 per cent to 3.5 per cent, as the Fed’s hawkish comments pushed US two-year yields to 3.466 per cent, the highest since the end of 2007.
Traders also revised their expectations of how high the Reserve Bank of Australia will raise rates after Mr. Powell’s speech. The cash rate is now forecast to top 4 percent by July next year. At Friday’s close, traders were betting the cash rate would peak at a lower 3.8 percent.
Broad declines came after Powell’s speech to the annual central bankers’ meeting in Wyoming last week. He said the Fed would likely need to keep interest rates high enough to slow the economy “for some time” in order to beat back high US inflation. The Fed has already raised its key overnight rate four times this year in hopes of slowing the worst inflation in decades.
Mr Powell’s resolve to avoid the mistakes of the late 1970s and crush inflation before it sinks the world’s No. 1 economy tanked US stocks on Friday. The S&P 500 fell 3.4 percent, the Dow Jones Industrial Average 3 percent, and the Nasdaq almost 4 percent.
Futures indicate US stocks have further to fall. The US Tech 100 futures index pointed down 1.2 per cent at the ASX close on Monday, while the US 500 suggests an 0.8 per cent decline.
Losses extended across Asian markets. MSCI Asia Pacific Index fell 2.3 percent, Japan’s Nikkei 225 declined 2.6 percent, and Hong Kong’s Hang Seng Index fell 0.8 percent.
In the final week of ASX reporting season, A2 Milk rallied 10 percent, underpinned by better-than-expected results in China. The infant formula company reported double-digit growth in earnings and flagged plans for a $NZ150 million ($133.6 million) buyback.
Tyro added 11 percent, among the few tech-sector stocks in the green, after a strong start to fiscal 2023, guiding to greater operating leverage this financial year.
Fortescue fell almost 5 percent to $18.9 after the iron ore miner announced better-than-expected profits and dividends. Fortescue shareholders will receive a $1.21 per share final dividend after a $US6.19 billion ($9 billion) profit.
Adore Beauty fell 10.6 percent despite posting record revenue in the year ended June 30. The online beauty retailer warned higher costs and subdued consumer sentiment was squeezing margin growth this year.