The S&P/ASX 200 finished 0.5% lower at a two-month low of 8,753 on Thursday, after solid jobs data dampened expectations for near-term rate cuts and dragged banking stocks lower. Employment jumped in October as firms ramped up hiring, pushing the jobless rate down from a four-year high and strengthening the view that the RBA’s easing cycle may be over. Markets quickly repriced expectations, with swaps now showing only a 25% chance of a May 2026 rate cut, down from nearly 70% before the data. Rate-sensitive financials led the decline with a 0.8% drop, weighed down by a sharp selloff in major banks. ANZ Group slumped nearly 5% in its steepest fall since April, while Westpac and NAB lost more than 1% each. Energy stocks also dropped 2.1%, snapping a five-day rally amid weaker global oil prices, while tech shares extended their retreat, down 3.9% as software giant Xero slid 9% to a more than one-year low. Miners capped the downside, climbing 1.8% to hit their highest since October 22.