The market finished the week at 5,937.45, down 292.34 points from the previous week's close of 6,229.80.
On Friday's trade the All Ordinaries finished down 57.74 points or 0.96 per cent.
On Monday, American stocks slumped by 2.5pc – the worst day in 20 months. This was triggered by better economic data, with 200,000 jobs added in January but more importantly signs that wages are growing at a faster than anticipated pace (2.9pc over the year/eight-year high). This has created some concerns this could lead to higher inflation. That was enough to push the US dollar higher with interest rates while stocks fell back.
Keep in mind that US markets have been hitting record highs almost daily for the best part of a year and only takes the Dow Jones to one-month lows.
On Tuesday, Wesfarmers (WES) dropped 2.75pc. The company received a number of price target cuts from brokers (when brokers reduce their estimates for share price moves over the next 12 months). WES warned of write-downs ~$1.2bn due mostly to its Bunnings business in the UK and Ireland. WES ended on $40.77.
On Wednesday, Carsales.com (CAR) reported an adjusted 1H NPAT of $60.9 million, an increase of 11pc accompanied by a 12pc increase in revenue to $200.1 million. The group highlighted a strong performance in the domestic private business, with revenue up by 20pc - driven by growth in private advertising products. Additionally, CAR pointed to solid growth in the domestic dealer business, with improved momentum in Q2 driven both by the release of new product enhancements and improving consumer sentiment. CAR shares ended the week on $14.09.
At the close of weekly trading, the gold price finished at $1,318.10 per ounce, the WTI oil price traded at $58.82 a barrel, and the Australian dollar was worth US $0.78.
In the US on Friday night, the Dow Jones finished up 330.44 points to end the week at $24,190.90.
The Share Price Index (SPI) finished down 28 points at 5,724 which should lead to a negative start to today’s trade.