The Australian stock market experienced a downturn on Monday, with the S&P/ASX 200 Index falling by 1.7% to 7,715.8 in early afternoon trading, retreating from the previous week’s record high. The decline was led by significant losses in the materials and energy sectors, primarily influenced by a drop in iron ore and crude oil prices. Specifically, iron ore futures in Singapore fell by 2.1% to $US112.75 per tonne, impacting major mining companies BHP and Fortescue Metals, which saw their shares decrease by 2.6% and 3.1%, respectively. Energy stocks also suffered, with Woodside Energy and Santos experiencing drops of 2.5% and 2.2% as Brent crude oil futures dipped below $US82 a barrel. Banking stocks were not spared, with Commonwealth Bank, National Australia Bank, ANZ, and Westpac all recording declines. Meanwhile, software firm TASK soared by 91.3% following its acquisition agreement with PAR Technology, and Regional Express gained 5.1% after announcing a code-sharing deal with Etihad Airways.