The S&P/ASX200 fell 44.3 points on Friday, down 0.49 per cent, to 9020.8, as the broader All Ordinaries lost 60.5 points, or 0.66 per cent, to 9144.7.
The top-200 was still up 1.2 one per cent since Monday and has risen for five of the past six weeks despite the Reserve Bank hiking the official cash rate to 4.85 per cent on Tuesday, its highest level since 2008.
Mining stocks eased from Thursday's surge, tracking tumbling US tech stocks as traders mulled the US midterms' likely impact on the artificial intelligence build-out that has driven Wall Street's bull market and global growth hopes.
BHP and Rio Tinto each fell more than two per cent as copper prices crumbled to more than three months lows.
Oil prices rebounded to $US99.50 a barrel after falling on hopes a weakened Trump administration was more likely to seek to end its unpopular conflict with Iran, but market optimism could prove premature, AMP chief economist Shane Oliver said.
"The risk around this remains high though as (US President Donald) Trump could still decide to ramp up the attacks again," Dr Oliver wrote in a research note.
"Trump moving into being a lame (or angrier) duck president could see him become more aggressive in foreign policy by in particular recommencing the war on Iran and returning to the tariff war."Â
Australia's financials sector provided some support ahead of the weekend, capping Friday's losses as the big four banks and major insurers gained ground.
However, the segment ultimately snapped a three-week, more than eight per cent wining streak after both NAB and Westpac reported shrinking full-year profits.
Consumer-facing stocks performed well, as discretionaries resumed their rebound despite some gloomy trading updates from major players.
Staples surged more than five per cent over the five sessions on the back of defensive investor positioning and solid updates from Coles and Woolworths.
In company news, NextDC has recouped most of the value lost since announcing delays at its Melbourne data centre expansion, after Goodman Group and Digital Reality swooped on the buying opportunity.
David Jones went into administration on Thursday after 188 years of operation, leaving some of its 38 stores at risk of closure.
The Australian dollar is buying 68.87 US cents, down from 70.09 US cents on Thursday at 5pm.
ON THE ASX:
* The S&P/ASX200 fell 44.3 points, or 0.49 per cent, to 9020.8
* The broader All Ordinaries lost 60.5 points, or 0.66 per cent, to 9144.7
One Australian dollar trades for:
* 68.87 US cents, from 70.09 US cents on Thursday at 5pm AEDT
* 108.67 Japanese yen, from 110.68 Japanese yen
* 61.50 euro cents, from 62.24 euro cents
* 51.29 British pence, from 51.96 pence
* 123.84 NZ cents, from 124.26 NZ cents
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