The S&P/ASX 200 fell 1.4% to below 8,440 in early Friday trade, pulling back to its lowest level in more than five months amid broad sector losses. The index is also heading for a 2.2% weekly drop, its steepest since late March and marking a fourth straight weekly decline due to overvaluation concerns across global markets and fading hopes for further domestic policy easing. The mining sub-index led the downturn, sliding 3.1% as iron ore and copper prices weakened on softer demand from top metals consumer China. Heavyweights BHP, Rio Tinto, and Fortescue sank between 2.5% and 3.3%. Financials also dropped 1.3%, with all “Big Four” banks trading lower. The sector is also set for a second straight weekly loss as investors remain cautious about margin pressure eroding earnings. Gold miners retreated alongside softer bullion prices, while tech stocks declined amid renewed concerns over stretched valuations in the global tech space.