The S&P/ASX 200 dropped 0.8% to below 8,720 on Thursday, marking its third straight session of losses to hit a more than three month low, after strong jobs data dampened expectations for near-term rate cuts. Australia’s labor market stayed robust in October, with unemployment falling to 4.3% from 4.5% and employment rising 42,200, more than double the expected 20,000 gain, driven entirely by full-time jobs. The report has led markets to largely price out further policy easing, with the probability of a May rate cut plunging to 32% from nearly 70% before the data. Energy shares led the declines, down 1.8% and on track to end a five-day rally as global oil prices softened, while tech shares extended their retreat, falling 1.4%, led by software giant Xero’s 4.6% drop. Among rate-sensitive financials, three of the Big Four banks fell, led by ANZ down 3.7%, while CBA edged up 0.7% after four sessions of losses, pushing the sector down as much as 0.7% to its lowest level since September 26.