The S&P/ASX 200 Index (ASX: XJO) is back in the red on Thursday after briefly moving into positive territory earlier in the session.
At the time of writing, the benchmark is down 0.55% to 8,916 points after touching an intraday high of 8,983.8 points.
That leaves the market giving back Wednesday's 0.54% gain, although the index is still around 3% higher over the past week.
So, why has the local market lost ground today?
Wall Street gives investors a rough lead
Australian shares opened lower after a weak session in the United States overnight.
The Dow Jones Industrial Average Index (DJX: .DJI) fell 0.98%, while the S&P 500 Index (SP: .INX) dropped 1.2% following the latest US Federal Reserve meeting.
The central bank left its benchmark interest rate unchanged at between 3.5% and 3.75%. However, updated forecasts showed 9 of the 19 officials now expect at least one rate rise before the end of 2026.
Keep in mind that's a major change compared to March, when no officials were forecasting an increase this year.
Nonetheless, US share market futures rebounded strongly during the Australian morning, helping the ASX 200 briefly move into positive territory.
But that support didn't last long, with sellers returning before midday.
Miners and banks weigh on the index
The losses are spread across much of the market, with 123 stocks trading lower, 68 higher and nine unchanged.
Several heavyweight miners are among those falling after iron ore, gold and copper prices softened overnight.
BHP Group Ltd (ASX: BHP) shares are down 0.24% to $65.43, while Fortescue Ltd (ASX: FMG) shares have dropped 1.70% to $19.98.
The major banks are also mixed. Commonwealth Bank of Australia (ASX: CBA) shares are 0.34% lower at $163.15, while Westpac Banking Corp (ASX: WBC) shares have fallen 1.14% to $35.16.
National Australia Bank Ltd (ASX: NAB) shares are down 1.30% to $37.18. However, ANZ Group Holdings Ltd (ASX: ANZ) shares are 0.17% higher at $35.11.
A few big names are holding up
There are still a few decent gains elsewhere in the market.
QBE Insurance Group Ltd (ASX: QBE) shares are up 1.53% to $23.93, while Woolworths Group Ltd (ASX: WOW) shares have gained 0.90% to $38.12.
CSL Ltd (ASX: CSL) shares are also 0.82% higher at $107.67 as the stock continues to recover from its recent lows.
And oil prices have fallen again after the United States and Iran signed an interim peace agreement that includes plans to reopen the Strait of Hormuz.
Brent crude was trading near US$78.66 a barrel, while West Texas Intermediate (WTI) had slipped to around US$75.81.
Despite this, Woodside Energy Group Ltd (ASX: WDS) shares have managed to edge 0.35% higher to $29.06.
