Market Wrap / market meltdown

The Australian share market followed global markets lower on Wednesday, erasing the previous session's gains, as the bond sell-off gathered pace.It's being fueled by Iran War inflation fears, which have sent yields on the US Treasury’s longest-dated bond to the highest level in almost two decades.The S&P/ASX 200 finished 1.26% lower at 8496.Mining and tech stocks led the decline, while retail and energy names offered some support.BHP Group lost 1.9%, as commodity sentiment softened and gold miners extended losses, led by Evolution Mining, down 5.3%.Among financials, Westpac led the four major banks lower, losing 2.25%, as Morgan Stanley warned that operating conditions for the big four had not changed as fast now as at any stage in the past 25 years.James Hardie trimmed losses to finish 1.3% lower after a modest earnings beat and concerns around its FY27 outlook.Webjet plummeted 11% after Virgin Australia cut commissions to the online travel agent.Electro Optic Systems fell 9.4% after a $150 million institutional raising and Sports tech company Catapult surged 16.5% on a 67% increase in operating profit.Tonight, all eyes will be on Nvidia's results, which are expected to shape overall market sentiment.