The Australian sharemarket has seen the biggest one-day fall in a year, one day after setting a new 52-week high.
The benchmark S & P/ASX200 index dipped by 1.8 per cent at 7700.1 points at the close.
The Index recorded an all time intraday high of 7853.1 late in the session before later closing at 7847 on Friday.
The Index has lost 0.53 per cent for the past five days, but sits 1.89 per cent below its 52-week high at the close.
It’s the biggest drop since March 10th 2023 when the ASX lost 2.3 per cent.
All 11 sectors finished in the red at the close, with materials dropping by 2.6 per cent in the wake of falling iron ore price.
Iron ore futures have fallen 21 per cent this year and Monday’s results continue to fall, with Fortescue closing with slipping 3.5 per cent.
The lowest performing stocks at the close on Monday were Strike Energy Ltd and Bellevue Gold Ltd, down 6.67 per cent and 5.95 per cent respectively.
All four major banks fell, with Westpac leading the charge by declining by 3.18 per cent at the close.
Meanwhile, the broader All Ordinaries fell 1.8 per cent, or 7963.8, on Monday.
Wall Street rallied on the news, with Nasdaq-composite and the S & P500 index adding 1.5 per cent and one per cent, respectively, to both reach record highs.
The US benchmark, the Dow Jones index relinquished 0.18 per cent, while the S & P 500 also lost 0.65 per cent.
The Nasdaq Composite also dropped 1.16 at the close on Friday.
All eyes will be looking at the US on Wednesday when the February inflation data will be released.
The Australian dollar sits at US66.23c.