The S&P/ASX 200 dropped 0.7% to close at 8,770 on Friday, marking its lowest level in over six weeks, dragged by a sharp decline from top investment bank Macquarie and weakness across major lenders. The index also declined 1.3% over the week, marking its second straight weekly loss. Macquarie slid 5.7% to a six-month low after posting a first-half profit miss, hit by softness in its commodities and markets trading division. The selloff in Macquarie weighed on the broader financials sector, which slipped 1.3% on the day, though it still managed a 1.4% weekly gain thanks to earlier strength in Commonwealth Bank and Westpac. Both lenders fell 1.5% and 1.8%, respectively, Resource stocks also declined, with the sector losing 0.7% as gold prices paused and iron ore extended losses. Heavyweights BHP and Rio Tinto dropped 0.8% and 1.3%. Meanwhile, technology shares slid 2.3% to a six-month low, tracking Wall Street’s pullback as investors reassessed lofty valuations in AI-linked firms.