It’s another rough Friday on the ASX, and things aren’t looking much better as we head towards the weekend.
The S&P/ASX 200 Index (ASX: XJO) is currently down 0.48% to around 8,659 points, after dropping as low as 8,639.9 earlier in the session.
That’s the lowest we’ve seen the benchmark since 11 June, with the index now down almost 5% over the past month.
And it’s not just a few of the big names dragging the market lower.
At the latest check, 155 stocks in the ASX 200 are falling, while just 39 are moving higher and 6 remain unchanged.
With another RBA interest rate decision coming up on Tuesday, investors have plenty to think about.
So, could things get worse next week?
Oil jumps as bond yields hit 19-year high
Wall Street was fairly quiet overnight, but there was lots happening in oil and bond markets.
The Dow Jones Industrial Average Index (DJX: .DJI) fell 0.31%, while the S&P 500 Index (SP: .INX) slipped 0.02%.
The tech-heavy Nasdaq Composite Index (NASDAQ: .IXIC) managed to finish 0.01% higher.
In addition, the US 10-year Treasury yield climbed to approximately 5.12%, its highest level in 19 years.
Oil prices were also on the move, with Brent crude jumping more than 4% overnight to around US$107.53 a barrel.
Selling spreads across the ASX 200
The selling is pretty widespread today, with 10 of the 11 ASX sectors trading lower.
BHP Group Ltd (ASX: BHP) shares are down 0.66% to $60.62, while Rio Tinto Ltd (ASX: RIO) has slipped 0.88% to $164.99.
Property-related stocks aren’t having a great day either, with REA Group Ltd (ASX: REA) falling 2.51% to $148.27.
However, the big banks are managing to buck the trend and provide some support for the benchmark.
Commonwealth Bank of Australia (ASX: CBA) shares are up 0.28% to $150.405, and Westpac Banking Corp (ASX: WBC) has gained 0.56% to $34.32.
Will the RBA make things worse next week?
All eyes now turn to Tuesday, when the RBA announces its next interest rate decision.
According to The Australian, money markets are pricing a 90% chance of another 25-basis point increase.
This would take the cash rate to 4.60%.
Traders are also pricing approximately 40 basis points of additional tightening by the end of the year.
The RBA has already lifted rates 3 times in 2026, and another increase would add to borrowing costs for households and businesses.
And with the ASX 200 at its lowest level since June, I’ll be watching whether it can hold above 8,600 points.
The post ASX 200 sinks to June lows as investors brace for another RBA rate hike appeared first on The Motley Fool Australia.
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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended BHP Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.