Australian stocks end lower as markets come off record highs

Australia stocks markets closed lower on Friday, as losses in Tech, Energy and Consumer Discretionary sectors weighed on the sentiments. The benchmark S&P/ASX 200 dropped 0.64 percent to 8,420.90. The broader All Ordinaries index also closed down 0.63 percent at 8,689.30. The Australian stock markets have edged up to record highs earlier in the week on good upmove in banking counters. The US stocks fluctuated before ending lower overnight. The S&P 500 and the tech-heavy Nasdaq Composite both slid around 0.2 percent after hitting new record highs earlier in the day. A cautious undertone prevailed ahead of a U.S. jobs report due later in the day that might shift expectations for Federal Reserve rate cuts.

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