Local shares were sold off heavily today, reversing some of the gains achieved recently.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) down 1.4% to 5111 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) down 1.4% to 5168 points
  • AUD/USD at US 74.88 cents
  • Iron Ore at US$55.55 a tonne, according to the Metal Bulletin
  • Gold at US$1,229.80 an ounce
  • Brent oil at US$39.20 a barrel

Today’s selloff appears to have been motivated by falls in commodity prices overnight, as well as caution ahead of the US Federal Reserve’s meeting. It isn’t expected to hike interest rates any further just yet, but could well hint at increases in the near future.

BHP Billiton Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO) both acted as a drag on the market, losing 3.4% each. South32 Ltd (ASX: S32) shares also lost 4.6%, while Woodside Petroleum Limited (ASX: WPL) closed 3.9% lower.

National Australia Bank Ltd. (ASX: NAB) was the worst of the banks, losing just over 1.8%, but all four of the majors fell more than 1.4%. Woolworths Limited (ASX: WOW) also shed 1.3%.

Sundance Energy Australia Ltd (ASX: SEA) was one of the hardest hit shares for the day, losing 16.7%. Cover-More Group Ltd (ASX: CVO), on the other hand, rose 3.8%.

Here are Tuesday’s top stories:

  1. ANZ Bank looks to Google for answer
  2. Top broker names financial services giant as hot buy
  3. Government to target superannuation concessions in budget
  4. Fortescue Metals Group share price sinks on debt downgrade
  5. Is it time to jump into resources shares?
  6. Bulls or Bears: Who Will Win This Financial Tug-of-War?
  7. Is a quarter of bank revenue at risk from fintech disruptors?

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The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Alphabet (Google). Motley Fool contributor Ryan Newman has no position in any stocks mentioned. Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. You can follow Ryan on Twitter @ASXvalueinvest.

The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.